All posts by adm0n

RCEP Benefits / RCEP红利

RCEP Rules of Origin and Authorised Exporters: capturing tariff preferences through certificates and back-to-back proofs

  • RCEP entered into force on 1 January 2022; China implemented its rules of origin domestically through GACC Order No. 255, the Measures for the Administration of Origin of Import and Export Goods under RCEP.
    RCEP 于 2022 年 1 月 1 日生效；中国通过海关总署第 255 号令《海关〈区域全面经济伙伴关系协定〉项下进出口货物原产地管理办法》完成原产地规则的国内法转换。
  • Three types of origin proof are recognised: the origin certificate (issued by a visa authority), the origin declaration (issued by an authorised exporter), and the back-to-back origin proof (for transshipped goods).
    认可三类原产地证明：原产地证书（签证机构签发）、原产地声明（经核准出口商开具）、背对背原产地证明（中转货物用）。
  • An authorised exporter (approved by Customs) may issue origin declarations itself without applying for a certificate each time — a major efficiency gain for high-frequency traders.
    经海关认定的经核准出口商可自主开具原产地声明、无需逐票申领证书——对高频出口企业是重大效率提升（依据海关总署第 254 号令）。
  • The back-to-back origin proof (Article 22) preserves origin where goods are transshipped or re-exported unprocessed: logistics acts (loading, storage, split shipment, repacking, labelling) are not treated as “processing”.
    背对背原产地证明（第二十二条）在中转或再出口未经处理的原产货物时保持原产资格不变；装卸、储存、拆分运输、重新包装、贴标等物流操作不视为”处理”。
  • To claim the preferential rate at import, the consignee files with a valid origin proof plus the commercial invoice and through-transport document; a single shipment under US$200 duty-paid value is exempt from the proof requirement (splitting to evade is barred).
    进口享惠须凭有效原产地证明 + 商业发票 + 全程运输单证申报；同一批次完税价格不超过 200 美元的免交证明（禁止为规避而拆分申报）。
  • Regional accumulation lowers the origin threshold: materials from any RCEP member can count toward origin, helping FIEs build qualifying regional supply chains.
    区域累积降低原产门槛：任一成员方的材料均可计入原产，助外资企业搭建合规的区域供应链。
  • Filings run through the China International Trade Single Window or the Customs online service platform — designate an authorised exporter and plan back-to-back proofs for regional distribution hubs.
    申报经中国国际贸易”单一窗口”或海关政务服务一体化平台办理——指定经核准出口商，并为区域分拨枢纽规划背对背证明。

RCEP Rules of Origin and Authorised Exporters: capturing tariff preferences through certificates and back-to-back proofs | RCEP 原产地规则与经核准出口商：用证书与背对背证明锁定关税优惠

Overview

The Regional Comprehensive Economic Partnership (RCEP) — in force for China since 1 January 2022 — is the world’s largest free-trade area by GDP, linking the ASEAN bloc with China, Japan, Korea, Australia and New Zealand. For a foreign-invested enterprise (FIE) with regional supply chains, the agreement’s value lies less in headline tariff cuts and more in its modern, business-friendly rules of origin: regional accumulation, self-issued declarations by authorised exporters, and back-to-back proofs that keep goods “originating” as they move through the region. China transposed the origin rules through GACC Order No. 255 (the Measures for the Administration of Origin of Import and Export Goods under RCEP). This article explains how an FIE actually captures RCEP preferences. It is general information, not legal advice.

The legal framework

RCEP applies only among the 15 parties that have completed domestic approval; the member list is adjusted dynamically by announcement. China’s customs rules are the Measures (GACC Order No. 255, effective 1 January 2022), structured in six chapters: general principles, rules of origin, origin proofs, import clearance for preference, export visa procedure, and supplementary provisions. The official interpretation stresses two layered concepts — “originating status” (whether the good qualifies at all) and “country/region of origin” (which member it originates in) — because the importer may claim the highest rate that China applies to any member for the same good.

Rules of origin: accumulation lowers the bar

RCEP’s core advantage is regional accumulation: materials and processing from any member party count toward the origin of the final good. A product need not be wholly obtained or substantially transformed within one country; inputs from across the region can be pooled. Product-specific rules (e.g. change in tariff classification, regional value content thresholds) then determine qualification. This is what lets an FIE source components from several RCEP members and still land a qualifying, low-tariff finished good.

Three types of origin proof

To claim the preferential rate, the importer must present a valid origin proof. RCEP recognises three:

  1. Origin certificate — issued by a visa authority (Customs or CCPIT and its local branches in China). Some certificates to Singapore, Thailand, Japan, New Zealand and Australia are self-printable.
  2. Origin declaration — issued by an authorised exporter (经核准出口商), a status granted by Customs to qualified enterprises.
  3. Back-to-back origin proof — for goods transshipped or re-exported in a member party without processing (see below).

Origin proofs are valid for one year from issuance; a certified true copy bears the same number and date and is treated as an original.

Authorised exporters: self-issued declarations

The authorised-exporter system (under GACC Order No. 254 and related announcements) lets a Customs-approved enterprise issue origin declarations on its own — with its unique number, a unique declaration number, the issuer’s name and signature, and the date — without obtaining a certificate for every shipment. For an FIE that exports frequently, this removes a per-shipment bottleneck and shortens lead times. The exporter must keep records and comply with Customs’ credit and reporting requirements; the declaration must state the basis for origin.

Back-to-back origin proofs (Article 22)

Regional supply chains often route goods through a hub member for consolidation, splitting or re-export. Article 22 solves the “broken chain” problem: for unprocessed originating goods transhipped or re-exported in a member party, that party’s visa authority or authorised exporter may issue or open a back-to-back origin proof based on the original proof, confirming that origin status and country/region of origin are unchanged.

“Processing” for this purpose explicitly excludes logistics operations: loading/unloading, storage, split shipment, repacking, and labelling required by the importing member’s law, plus other necessary operations to transport or preserve the goods. A back-to-back proof must contain the original proof’s issue date and number and, where goods are split, the split quantities (which must not exceed the original quantity). Its validity tracks the original proof.

Import clearance for preference

The import consignee (or agent) claims the RCEP rate by declaring per Customs rules and presenting: (1) a valid RCEP origin proof; (2) the commercial invoice; and (3) the through-transport document. Goods transported via another country must include additional proof of compliance. Two practical thresholds:

  • A single shipment with a duty-paid value not over US$200 is exempt from submitting an origin proof (splitting imports to exploit this is barred).
  • Where the country of origin is unclear, the importer may claim the highest rate China applies to any member for the same good, provided it can show the members that supplied originating materials.

How FIEs capture the benefit

  • Map the regional supply chain to maximise accumulation — pool RCEP-sourced inputs rather than sourcing everything from one country.
  • Apply for authorised-exporter status if you export at volume; self-issued declarations beat per-shipment certificates.
  • Use back-to-back proofs at regional distribution hubs (e.g. a Singapore or HK consolidated hub inside the region) to keep goods originating through transshipment.
  • Train import teams on the US$200 de-minimis and the “highest rate” option when origin is ambiguous.
  • File via the Single Window / Customs online platform and keep origin records for audit.
  • Confirm specifics with qualified PRC Customs/trade counsel before restructuring supply flows.

What to do next

  1. Screen your product lines against RCEP product-specific rules and accumulation opportunities.
  2. Assess whether authorised-exporter status is worth pursuing for your export volume.
  3. Designate a regional hub and plan back-to-back proofs for transshipped goods.
  4. Brief import/export teams on proof types, the US$200 threshold and highest-rate claims.
  5. Set up Single Window / Customs-platform filing and a document-retention routine.
  6. Consult Customs or trade counsel on qualifying a specific supply chain.

Sources

  • 海关总署 — 《中华人民共和国海关〈区域全面经济伙伴关系协定〉项下进出口货物原产地管理办法》（海关总署令第 255 号）：http://www.customs.gov.cn/customs/2024-12/18/article_2025121421010276442.html
  • 商务部 12335 公共服务平台 — 海关总署关于第 255 号令的解读：https://12335.mofcom.gov.cn/articledwmy/zcxx/qita/202111/1935311_1.html
  • 石家庄海关（宁波海关）《中国海关》杂志 — 两类特殊原产地证明办理攻略（含 RCEP 背对背）：http://shijiazhuang.customs.gov.cn/ningbo_customs/470749/470750/7147425/index.html
  • 中国国际贸易单一窗口（申报入口）：https://www.singlewindow.cn

Related reading

  • 进口清关与海关申报实务 / Import clearance and customs declaration
  • 经核准出口商与 AEO 认证 / Authorised exporters and AEO certification
  • 区域供应链与自贸协定择优 / Regional supply chains and FTA optimisation

RCEP 原产地规则与经核准出口商：用证书与背对背证明锁定关税优惠

概述

《区域全面经济伙伴关系协定》（RCEP）自 2022 年 1 月 1 日起对中国生效，是按 GDP 计全球最大的自由贸易区，连接东盟与中国、日本、韩国、澳大利亚、新西兰。对拥有区域供应链的外资企业而言，协定的价值不在名义降税，而在其现代、友好的原产地规则：区域累积、经核准出口商自主签发声明，以及让货物在区域流动中保持”原产”的背对背证明。中国通过海关总署第 255 号令《海关〈区域全面经济伙伴关系协定〉项下进出口货物原产地管理办法》完成规则转换。本文说明外资企业如何实际锁定 RCEP 优惠，仅为一般性信息，非法律意见。

法律框架

RCEP 仅对已完成国内审批的 15 方适用，成员清单依公告动态调整。中国海关规则即上述《办法》（255 号令，2022 年 1 月 1 日施行），分六章：总则、原产地规则、原产地证明、进口货物通关享惠程序、出口货物签证程序、附则。官方解读强调两层概念——”原产资格”（货物是否合格）与”原产国（地区）”（源于哪个成员），因为进口人可申请适用中国对其他成员相同货物实施的最高税率。

原产地规则：累积降低门槛

RCEP 的核心优势是区域累积：任一成员方的材料与加工均可计入最终货物的原产。产品无需在一国完全获得或实质改变；来自区域多国的投入可合并计算。再辅以产品特定规则（如税则归类改变、区域价值成分门槛）判定资格。这使外资企业可从多个 RCEP 成员采购零部件，仍得到合规的低关税成品。

三类原产地证明

进口享惠须提交有效原产地证明。RCEP 认可三类：

  1. 原产地证书 — 由签证机构（中国为海关或贸促会及其地方分会）签发；输新加坡、泰国、日本、新西兰、澳大利亚的部分证书可自助打印。
  2. 原产地声明 — 由海关认定的经核准出口商开具。
  3. 背对背原产地证明 — 中转或再出口未经处理货物时使用（见下）。

原产地证明自签发起 1 年内有效；经认证的真实副本编号与日期相同，视为正本。

经核准出口商：自主签发声明

经核准出口商制度（依海关总署第 254 号令及相关公告）允许海关核准的企业自主开具原产地声明——具唯一编号、唯一声明编号、开具人姓名与签名及日期——无需逐票申领证书。对高频出口的外资企业，这消除了逐票瓶颈、缩短交期。出口商须留存记录并遵守海关信用与申报要求；声明须注明原产依据。

背对背原产地证明（第二十二条）

区域供应链常经枢纽成员拼箱、拆分或再出口。第二十二条解决”链条断裂”：在成员方未经处理中转或再出口的原产货物，该方签证机构或经核准出口商可依据初始原产地证明正本签发或开具背对背原产地证明，确认原产资格与原产国（地区）不变。

此处的”处理”明确不含物流操作：装卸、储存、拆分运输、重新包装，以及依进口成员法律要求的贴标，和其他为运输或保持货物状态所需的必要操作。背对背证明须含初始证明的签发日期与编号；拆分出口的须注明拆分数量（合计不超过初始数量）。其有效期与初始证明一致。

进口通关享惠

进口收货人（或代理人）按海关规定申报并凭（1）有效 RCEP 原产地证明、（2）商业发票、（3）全程运输单证申请适用协定税率。经其他国家运输的须补充合规证明。两个实务阈值：

  • 同一批次完税价格不超过 200 美元的，免交原产地证明（禁止为规避而拆分申报）；
  • 原产国不明的，若能提供为生产该货物供应原产材料的成员，可申请适用中国对其他成员相同货物实施的最高税率。

外资企业如何获益

  • 绘制区域供应链以最大化累积——合并 RCEP sourcing 投入，而非全部从一国采购；
  • 高频出口即申请经核准出口商资格，自主声明优于逐票证书；
  • 在区域分拨枢纽使用背对背证明（如区内新加坡、香港集运枢纽），使货物经中转仍保持原产；
  • 培训进口团队掌握 200 美元微量豁免与”最高税率”选项；
  • 经单一窗口/海关平台申报并留存原产地记录备查；
  • 重构供应链前，与执业中国海关/贸易律师确认具体事项。

下一步建议

  1. 按 RCEP 产品特定规则与累积机会筛查产品线；
  2. 评估经核准出口商资格是否值得按出口量申请；
  3. 指定区域枢纽，为经中转货物规划背对背证明；
  4. 向进出口团队说明证明类型、200 美元阈值与最高税率主张；
  5. 搭建单一窗口/海关平台申报与单证留存机制；
  6. 就特定供应链合规咨询海关或贸易律师。

Sources

  • 海关总署 — 《中华人民共和国海关〈区域全面经济伙伴关系协定〉项下进出口货物原产地管理办法》（海关总署令第 255 号）：http://www.customs.gov.cn/customs/2024-12/18/article_2025121421010276442.html
  • 商务部 12335 公共服务平台 — 海关总署关于第 255 号令的解读：https://12335.mofcom.gov.cn/articledwmy/zcxx/qita/202111/1935311_1.html
  • 石家庄海关（宁波海关）《中国海关》杂志 — 两类特殊原产地证明办理攻略（含 RCEP 背对背）：http://shijiazhuang.customs.gov.cn/ningbo_customs/470749/470750/7147425/index.html
  • 中国国际贸易单一窗口（申报入口）：https://www.singlewindow.cn

相关阅读

  • 进口清关与海关申报实务 / Import clearance and customs declaration
  • 经核准出口商与 AEO 认证 / Authorised exporters and AEO certification
  • 区域供应链与自贸协定择优 / Regional supply chains and FTA optimisation
Financial License / 金融牌照

Foreign Securities, Fund and Futures Firms Entering China: Wholly-Owned Market Access and QFII Expansion in 2026

  • China’s securities, public-fund and futures sectors are fully open to foreign capital, and in 2026 the regulator explicitly pledged to support new wholly-foreign-owned or joint-venture securities, fund and futures institutions.
    中国的证券、公募基金与期货行业已对外资全面开放，2026年监管层明确表态支持新设外商独资或合资证券、基金、期货机构。
  • At the 2026 Lujiazui Forum, CSRC Chairman Wu Qing announced support for foreign institutions to set up securities, fund and futures firms in China and encouraged licensed foreign players to join the expanded fund-investment-advisory pilot.
    在2026年陆家嘴论坛，证监会主席吴清宣布支持外资在华新设证券、基金、期货公司，并鼓励外资持牌机构参与基金投顾业务扩大试点。
  • The roster of wholly-foreign-owned securities firms keeps growing: Mizuho Securities (China) became the first Japan-invested wholly-owned broker in January 2026, and Citi Securities (China)’s establishment was approved in May 2026.
    外商独资券商队伍持续扩容：瑞穗证券（中国）于2026年1月成为首家日资独资券商，花旗证券（中国）于2026年5月完成设立审批。
  • Nine foreign wholly-owned public fund companies now operate onshore, and Goldman Sachs Futures became the fourth foreign wholly-owned futures company in March 2026.
    目前已有9家外商独资公募基金公司在中国内地展业，高盛期货于2026年3月成为境内第四家外资独资期货公司。
  • The qualified foreign investor (QFII) regime is being optimised, with QFII allowed to participate in onshore treasury-futures trading; cumulative QFII approvals reached 981 by end-May 2026.
    合格境外投资者（QFII）制度持续优化，QFII获准有序参与境内国债期货交易；截至2026年5月底，合格境外投资者累计已达981家。
  • An eight-agency 2026 enforcement plan “opens the front door and blocks the side door” — cracking down on illegal cross-border securities/futures/fund activity while steering foreign capital into compliant, licensed establishment.
    2026年八部门整治方案”开正门、堵偏门”——在打击非法跨境证券期货基金活动的同时，引导外资通过合规持牌渠道展业。
  • The 2026 Action Plan to Stabilize and Optimize Foreign Investment supports foreign institutions in using risk-management tools including treasury futures and in conducting fund-investment-advisory business.
    2026年《利用外资固稳促优行动方案》支持外资机构运用包括国债期货在内的风险管理工具，并依法开展基金投资顾问业务。

Foreign Securities, Fund and Futures Firms Entering China: Wholly-Owned Market Access and QFII Expansion in 2026 | 外资证券、基金与期货公司进入中国：2026年独资准入与合格境外投资者扩容

Overview

When China removed foreign ownership caps in securities, fund management and futures in 2020, it opened the door. By 2026 the China Securities Regulatory Commission (CSRC) actively supports foreign investors in setting up wholly-owned or joint-venture securities, fund and futures institutions; the licensed roster keeps lengthening and the qualified foreign investor (QFII) channel is deepening with onshore derivatives access. This article covers the three licensed forms, the 2026 Lujiazui signals, the wholly-foreign-owned roster, QFII optimisation, the enforcement logic, and the licensing pathway.

Three Licensed Forms

A foreign financial institution can enter through three separately licensed, CSRC-supervised forms. A securities company (证券公司) may underwrite, broker, trade proprietary and manage assets; a foreign group may hold up to 100% and incorporate a wholly-foreign-owned securities company. A public fund management company (公募基金管理公司) manages publicly offered funds; foreign asset managers have incorporated wholly-foreign-owned fund companies onshore. A futures company (期货公司) brokers futures and options; foreign participation is also capped at 100%. All three follow pre-establishment national treatment plus a negative list, with the financial-sector negative list fully cleared — the binding constraints are prudential and conduct standards, not ownership ratios.

The 2026 Lujiazui Forum Signals

The clearest 2026 signal came from CSRC Chairman Wu Qing’s keynote at the Lujiazui Forum on 17 June 2026. He pledged to actively support foreign investors in newly establishing wholly-owned or joint-venture securities, fund and futures institutions — moving the message from “caps removed” to “new institutions welcomed.” He encouraged licensed foreign institutions to join the expanded fund-investment-advisory (基金投顾) pilot, a wealth-management line where foreign groups have mature overseas experience. And he committed to implementing the QFII optimisation scheme, letting QFII participate in onshore treasury-futures trading in an orderly way while supporting Hong Kong’s launch of a five-year RMB treasury-futures product. He framed the principle as “open the front door, block the side door” (开正门、堵偏门).

Wholly-Foreign-Owned Roster

The securities roster shows the opening is real. As of early 2026, six wholly-foreign-owned securities companies operated onshore: J.P. Morgan, Goldman Sachs, Standard Chartered, BNP Paribas, UBS, and — from January 2026 — Mizuho Securities (China), the first Japan-invested wholly-owned broker (RMB 2.3bn capital). In February 2026, Daiwa became 100%-foreign-owned after its domestic shareholders transferred their 49% stake; in May 2026, Citi Securities (China)’s establishment was approved, lifting the wholly-owned count toward seven. Public fund management has the deepest footprint: nine foreign wholly-owned public fund companies operate onshore (BlackRock, Fidelity, Neuberger Berman, Schroders, AllianceBernstein, Allianz newly established; JPMorgan, Manulife, Morgan Stanley converted). AllianceBernstein Fund’s fourth capital increase reached RMB 600m in May 2026; Fidelity reached USD 218m. In futures, Goldman Sachs Futures landed in March 2026 as the fourth foreign wholly-owned futures company.

QFII Expansion and Treasury-Futures Access

The QFII regime is being broadened on two fronts. First, the CSRC is implementing its QFII optimisation scheme, smoothing how foreign institutions obtain and use the status. Second, QFII is allowed to participate in onshore treasury-futures trading in an orderly way, giving long-term foreign holders of Chinese bonds a tool to hedge interest-rate risk; Hong Kong’s planned five-year RMB treasury-futures product links onshore and offshore channels. Demand is visible: CSRC data cited in state media show cumulative qualified foreign investors reached 981 by end-May 2026, and the first five months of 2026 added 50 new approvals — a record high for the period. The expanding QFII base and deepening licensed roster show foreign capital entering as both investors and operators.

“Open the Front Door, Block the Side Door”

On 9 May 2026, eight agencies — CSRC, MIIT, the Ministry of Public Security, the People’s Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the Cyberspace Administration and the State Administration of Foreign Exchange — issued the Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures and Fund Activities (证监发〔2026〕28号), approved by the State Council. It sets a two-year concentrated rectification to fully ban illegal cross-border operations by overseas institutions, prohibiting them from marketing, soliciting, opening accounts, transmitting orders or moving funds in China without CSRC approval, and barring domestic intermediaries from assisting. During the window, overseas institutions may only allow one-way selling and withdrawal for existing domestic clients, then shut down China-facing systems. The logic is explicit: licensed operation is an international norm, so “open the front door” by guiding foreign capital to set up compliant institutions, while “blocking the side door” of illegal solicitation.

Practical Licensing Steps

A foreign group should: choose the form and ownership model (the 2026 signals favour new wholly-owned entries); confirm the parent is a well-capitalised, soundly supervised institution with home-regulator consent; file the CSRC establishment application (feasibility study, shareholder structure, articles, compliance/AML framework, home supervisor’s licence and consent); for fund companies, lodge the advisory pilot alongside the core licence; stand up governance, systems and staff during preparation and commission the pre-opening audit; obtain the licence, register with the market regulator and open within the prescribed window; and plan QFII and treasury-futures access as a parallel investor channel.

Related Reading

Companion pieces cover the foreign-bank licensing pathway, the QFLP private-equity pilot, and the foreign insurance and reinsurance market-access route. This article is confined to securities, fund and futures establishment and the QFII channel.

外资证券、基金与期货公司进入中国：2026年独资准入与合格境外投资者扩容

概述

2020年，中国取消证券、基金、期货行业的外资持股比例限制，将长期存在的数量型上限变为一扇敞开的大门。到2026年，这扇门已被进一步拓宽：中国证券监督管理委员会（证监会）公开表态，积极支持外资在华新设独资或合资的证券、基金、期货机构；持牌外资机构的名单持续拉长；合格境外投资者（QFII）渠道也随境内衍生品准入而不断深化。对于希望进入中国资本市场的外资金融集团而言，2026年既是准入窗口高度开放的一年，也是监管强调”持牌经营、合规展业”的一年。

本文依次梳理三种可设立的持牌形态、2026年陆家嘴论坛释放的开放信号、外商独资券商与基金期货机构的具体阵容、QFII制度优化与国债期货准入、八部门方案”开正门、堵偏门”的整治逻辑，以及获取牌照的实操路径，为有意落地的外资机构提供一张清晰的路线图。需要说明的是，本文聚焦机构设立与投资者通道，不涉及已在其他姊妹篇中详述的外资银行、保险、再保险等形态，以免模糊主线。读者在参考时，应把本文与2026年《利用外资固稳促优行动方案》中”稳步提升金融业开放水平”的条款结合起来看，才能完整理解政策意图。

三种持牌形态

外资金融机构可通过三种分别持牌、均由证监会监管的形态进入中国资本市场。证券公司可从事保荐承销、经纪、自营交易与资产管理，外资集团最高可持股100%，并可在境内注册外商独资证券公司。公募基金管理公司管理公开募集的公募基金，外资资产管理机构已在境内注册多家外商独资公募基金。期货公司经纪期货与期权，外资持股比例上限同样为100%。

三者目前均适用”准入前国民待遇加负面清单”的管理框架，金融业相关负面清单的限制措施已完全清零。真正构成约束的是审慎监管与行为监管标准，而非股权比例。这意味着，外资进入这些行业的障碍已从”能不能控股”转变为”是否满足资本、治理与合规要求”，外资机构在股权安排上的自由度已达到历史高位。对计划进入中国市场的外资集团而言，首要问题不再是股权上限，而是能否证明自身具备持续盈利能力、良好风控与有效的反洗钱体系，并拿出令监管认可的筹建方案。

2026年陆家嘴论坛信号

2026年最清晰的开放信号，来自证监会主席吴清6月17日在陆家嘴论坛的主旨演讲。他提出三项具体举措：第一，积极支持外资在华新设独资或合资的证券、基金、期货公司，把政策基调从”取消限制”进一步推进到”欢迎新设”，明确牌照通道是敞开的；第二，鼓励外资持牌机构参与基金投资顾问业务扩大试点——基金投顾允许持牌机构代客户作出基金投资决策并管理组合，是外资集团在海外具备成熟经验的财富管理业务线；第三，落实合格境外投资者制度优化方案，推动QFII有序参与境内国债期货交易，并支持香港启动5年期人民币国债期货。

这三项举措把机构准入与风险管理工具配套起来。吴清同时把原则概括为”开正门、堵偏门”：支持合法合规的跨境投资，但坚持持牌经营、依法打击非法跨境活动，既为合规机构留出空间，也划清非法展业的红线。对于外资机构而言，这一表述释放的信号是：监管欢迎的是”持证进场”的长期资本，而非绕开牌照的短期跨境套利。这一表态与同期的八部门整治方案互为表里，构成2026年金融业开放与规范的一体两面。

外商独资券商与基金期货阵容

证券业的名单表明开放是实打实的。截至2026年初，已有6家外商独资券商在境内展业：摩根大通证券（中国）、高盛（中国）证券、渣打证券（中国）、法巴证券（中国）、瑞银证券（中国），以及2026年1月成立的瑞穗证券（中国）——首家日资独资券商，注册资本23亿元。2026年2月，大和证券（中国）在两家中资股东转让合计49%股权后，变为100%外资控股；2026年5月，花旗证券（中国）设立审批完成，若后续程序顺利，外商独资券商数量将增至7家。这一格局显示，先前持股少数的国际银行正向全资控制迈进，而瑞穗、花旗等新进入者则直接以100%股权入场，印证了开放政策的连续性。

公募基金管理是外资足迹最深的领域。境内已有9家外商独资公募基金公司：贝莱德基金、富达基金、路博迈基金、施罗德基金、联博基金、安联基金为新设机构，摩根资产管理、宏利基金、摩根士丹利基金则由合资转型而来。多家机构以增资释放长期信心——联博基金于2026年5月完成第四次增资，注册资本由1亿元增至6亿元；富达基金同月亦增资至2.18亿美元。期货方面，高盛期货于2026年3月正式落地，成为境内第四家外资独资期货公司，凸显国际投行对境内衍生品市场的持续投入。这些动态共同说明，外资已在证券、基金、期货三条线同步深化布局，而非停留在少数试点。

QFII扩容与国债期货准入

QFII制度——合格境外机构投资者投资境内证券的通道——正从两个方向拓宽。其一，证监会落实QFII优化方案，理顺外资机构取得与使用这一资格的具体路径，降低制度性成本；其二，推动QFII有序参与境内国债期货交易，使长期持有中国债券的外资机构获得利率风险对冲工具，而香港拟推出的5年期人民币国债期货，则与在岸市场形成联通，打通在岸与离岸的风险对冲通道。需求端同样清晰：据官方媒体援引证监会数据，截至2026年5月底，合格境外投资者累计已达981家；2026年前5个月新增50家，创历史同期新高。

不断扩容的QFII基数与持续深化的持牌机构阵容共同表明，外资正以”投资者”与”运营者”双重身份进入中国市场，开放已从准入环节延伸到交易与风险管理环节。对境外资产管理人而言，QFII加国债期货的组合，意味着可以更完整地管理人民币债券头寸的利率风险，从而提升长期配置中国资产的意愿与能力，这正是2026年开放举措希望达成的效果。可以预见，随着风险管理工具进一步丰富，外资参与境内资本市场的深度还将继续提升。

“开正门、堵偏门”的整治逻辑

2026年5月9日，证监会、工业和信息化部、公安部、中国人民银行、市场监管总局、国家金融监督管理总局、国家网信办、国家外汇局八部门联合印发《综合整治非法跨境证券期货基金经营活动实施方案》（证监发〔2026〕28号），经国务院同意。方案设定两年集中整治期，目标是全面取缔境外机构非法跨境经营活动，实现”坚决取缔非法、稳妥清理存量”。它明确禁止境外机构未经证监会批准，在境内开展证券期货基金业务的营销招揽、开户、交易指令处理与资金划转，并禁止境内中介与平台协助此类活动。

在两年窗口期内，境外机构仅允许存量境内客户单向卖出并转出资金，期满后须全面关停面向境内的网站与系统。其牌照逻辑十分明确：持牌经营是国际通行规则，方案通过引导外资通过合规渠道新设机构、拓展业务来”开正门”，同时封堵非法跨境招揽的”偏门”。对境外金融集团而言，信号毫不含糊——应依托证监会牌照设立并展业，而非借助面向境内客户的离岸平台，否则将面临清理与查处。这一整治与同期的开放举措是一体两面：越是敞开合规准入，越要压实非法跨境的边界，以维护市场秩序与投资者权益。

实操牌照步骤

外资集团可按以下顺序推进牌照申请：第一，选定形态与持股模式——在证券、基金、期货之间选择，并决定新设独资、转型现有合资还是收购，2026年的政策信号偏向新设独资；第二，确认母公司资质，最终母公司应为资本雄厚、受母国有效监管、信誉良好并取得监管同意的金融机构；第三，向证监会提交设立申请，材料包括可行性研究、股权结构、章程、合规与风控框架、反洗钱制度，以及母国监管当局的许可与同意意见；第四，如为基金公司，可一并申报基金投顾试点，作为核心牌照之外的增值业务线。

第五，在筹建阶段建立治理、系统与人员，并聘请开展开业前审计；第六，领取牌照、向市场监管部门登记，并在规定期限内开业；第七，若集团同时管理境外客户资金流，可并行规划QFII与国债期货准入，作为配套的投资者通道，使机构牌照与投资者通道相互协同。整体看，2026年的政策环境对外资新设机构是友好的，但成功落地仍取决于母公司资质、筹备质量与对境内监管预期的把握。建议外资机构在正式申报前，与监管及专业顾问充分沟通，确保材料一次到位，避免无谓的补正与延迟。

延伸阅读

姊妹篇涵盖外资银行牌照路径、QFLP私募股权试点，以及外资保险与再保险机构市场准入。本文严格聚焦于证券、基金、期货的设立与QFII渠道，不展开其他金融牌照形态，以免模糊主线。对于正在评估中国市场的外资金融机构，建议将本文与前述姊妹篇对照阅读，以形成对金融业开放全貌的完整认识，并据此选择最适合自身战略基因的进入路径。在牌照落地后，机构还应同步关注数据跨境、反洗钱与持续合规等运营事项，方能把准入红利转化为可持续的在华业务。

实务提示

对计划进入中国市场的外资金融机构而言，除了理解准入与整治两条线，还应提前做好三项准备。第一，明确集团战略基因：若以机构展业为目标，应尽早启动母公司资质梳理与可行性研究；若以配置中国资产为目标，应同步规划QFII资格与国债期货对冲方案，使投资者通道与机构牌照相互协同。第二，重视合规预期管理：在”开正门、堵偏门”的框架下，任何绕开牌照的跨境展业都面临清理风险，机构从筹建阶段起就应按持牌标准搭建反洗钱、风控与数据合规体系。

第三，善用政策沟通渠道：2026年的圆桌会议与重大外资项目专班，为外资提供了把合理诉求直达监管的路径，机构可在筹备期主动对接，减少信息不对称。总体而言，2026年是中国资本市场对外资最为友好的窗口期之一，但”友好”不等于”无门槛”——成功落地仍取决于资质、筹备质量与对监管预期的理解。建议外资机构在正式申报前，与监管及专业顾问充分沟通，确保材料一次到位，把准入红利真正转化为可持续的在华业务。

值得补充的是，外资在选定机构形态时，应把”三条线”的协同一并纳入规划。证券、基金、期货虽分属不同牌照，但同一国际集团往往同时具备经纪、资管与衍生品需求，可在集团层面统筹申报节奏，避免各子公司各自为政、重复提交集团材料。以高盛、摩根大通、瑞银等机构为例，其境内布局均呈现”券商+基金+期货”的组合特征，说明监管与市场都预期外资以综合金融服务者的身份进入，而非单一牌照试水。

同时，持牌机构落地后，运营合规的复杂度会快速上升。数据跨境流动须满足境内个人信息与重要数据出境要求；反洗钱与制裁筛查须与母国集团标准对接又符合本地监管口径；持续报告义务则贯穿日常经营。机构应在筹建期即设立本地合规与风控节点，而非等开业后再补。最后，QFII与机构牌照是互补而非替代关系：即便已设独资券商或公募，境外集团管理母行或客户资金仍需通过QFII等投资者通道参与在岸市场，二者叠加才能形成完整的”机构+投资者”双身份布局。把握这一点，外资方能把2026年的开放窗口转化为长期可运营的中国业务。

最后需提醒，牌照获批只是起点，机构进入展业期后还应建立常态化的监管沟通节奏。可指定专人对接证监会及派出机构的持续监管事项，跟踪规则更新——例如QFII额度使用、国债期货参与范围、外资股东持股变动等，均可能随市场开放节奏调整。对同时管理在岸与离岸业务的总部，应设立清晰的中国区合规汇报线，确保母国集团治理与本地持牌要求同向。唯有把准入、展业与持续合规视为一个连续过程，外资金融机构才能把2026年的政策红利稳定地沉淀为长期业务能力。

Sources

Financial License / 金融牌照

Foreign-Invested Insurance and Reinsurance Market Access in China

  • China has abolished foreign equity-ratio caps in life insurance, insurance asset management and related sub-sectors, and applies pre-establishment national treatment plus a negative list to foreign-invested insurers.
    中国已取消人身险、保险资管等子行业的外资持股比例限制，并对在华外资保险机构全面实施准入前国民待遇加负面清单管理。
  • The 2026 “Several Measures to Accelerate the Building of the Shanghai International Reinsurance Centre” (NFRA + Shanghai, 16 June 2026) opens the Lin-gang area to foreign reinsurance acceptors and brokers through a registration and trading centre.
    2026年6月16日国家金融监督管理总局与上海市人民政府联合印发《加快上海国际再保险中心建设的若干措施》，依托登记交易中心向境外再保险接受人、再保险经纪人开放临港新片区市场。
  • Foreign-invested insurance asset management has moved from approval to reality: Allianz’s wholly foreign-owned insurance asset manager (2021), Prudential’s (2025) and AIA and NN IP managers opening in Shanghai by end-2025.
    外资保险资管已从审批走向落地：安联（中国）保险资管（2021年）、保德信保险资管（2025年）先后获批，友邦保险资管与荷全保险资管于2025年底在沪开业。
  • The State Council’s action plan to attract foreign investment explicitly supports qualified foreign professional insurers in setting up or taking stakes in domestic insurance institutions, deepening pension and health insurance opening.
    国务院办公厅《扎实推进高水平对外开放更大力度吸引和利用外资行动方案》明确支持符合条件的境外专业保险机构在中国境内投资设立或参股保险机构，深化养老保险、健康保险等行业开放。
  • Foreign insurers should plan market entry around three routes — greenfield wholly foreign-owned company, stake-building or M&A, or an insurance asset-management subsidiary — each with distinct licensing and capital paths.
    外资保险机构应围绕三条路径规划准入：新设外商独资公司、参股控股现有机构，或设立保险资管子公司，三者在牌照与资本要求上各有不同。
  • The 2026 Government Work Report’s “steady expansion of institutional opening” signals a shift from threshold relaxation to rules, regulation, management and standards alignment that favours long-term foreign commitment.
    2026年《政府工作报告》提出”稳步扩大制度型开放”，标志着开放重心从放宽准入门槛转向规则、规制、管理、标准对接，更有利于外资长期深耕。

Foreign-Invested Insurance and Reinsurance Market Access in China | 外资保险与再保险机构在华市场准入

Why this matters now

For a foreign financial group weighing China, the insurance sector is no longer a question of *whether* foreign ownership is permitted, but *how* to enter and operate under an increasingly mature, institution-based opening framework. Two forces converge in 2026. First, the removal of foreign equity caps in life insurance and insurance asset management means ownership structure is now a commercial choice, not a regulatory ceiling. Second, Beijing is explicitly pivoting from “element-type opening” (relaxing entry thresholds) to “institutional opening” — aligning rules, regulation, management and standards with international practice. The practical result is a market where foreign insurers can own, control and manage, but must navigate a licensing and supervision architecture that rewards long-term, locally-rooted commitment.

The opening trajectory: from element to institution

China’s insurance opening has proceeded in deliberate stages. Earlier rounds lifted the foreign equity ceiling in life insurance to 51% and then removed it; insurance asset management and other sub-sectors followed. Today the baseline regime is pre-establishment national treatment plus a negative list, with regulators emphasising transparent, standardised administrative licensing. The 2026 Government Work Report frames the next phase as “steady expansion of institutional opening” and “strengthening service guarantees for foreign-funded enterprises” — language that points to procedural fairness and post-entry treatment rather than further threshold cuts.

Market data underline the shift. Global insurers among the world’s largest have steadily entered; several have converted joint ventures into wholly foreign-owned life insurers, and a cluster of foreign insurance asset managers has been licensed in Shanghai. The message for investors is that the policy tailwind now concentrates on *operating depth* — local asset management, in-country reinsurance, and participation in China’s risk-pooling — rather than on mere market access.

The 2026 Shanghai international reinsurance centre measures

The most concrete 2026 signal is the Several Measures to Accelerate the Building of the Shanghai International Reinsurance Centre (National Financial Regulatory Administration, NFRA, together with the Shanghai Municipal People’s Government, dated 16 June 2026). The measures aim to turn the China (Shanghai) Pilot Free Trade Zone’s Lin-gang area into a globally connected reinsurance hub. Key provisions:

  • Encourage large enterprises to concentrate risk-protection demand in Lin-gang and match it with underwriting capacity.
  • Support domestic reinsurers in building the registration and trading centre, and allow foreign reinsurance acceptors and reinsurance brokers to conduct referral and trading business through that centre, bringing overseas capacity into the China market.
  • Promote unified registration of reinsurance contracts and claims, upgrade data governance and security, and build a transparent digital trading platform.
  • Facilitate cross-border business: allow reinsurers to open custodial and settlement accounts in Lin-gang, apply the convenient offshore-investment policy for cross-border reinsurance ceded-income, and update the reinsurance data-export operational guideline.

For a foreign reinsurer or broker, these measures lower the friction of participating in China’s reinsurance market and create a defined onshore platform — a meaningful alternative to serving China risk purely from offshore.

Three market-entry routes for foreign insurers

Route one — greenfield wholly foreign-owned insurer. Suitable where the investor wants full control of a life, property or health carrier. Requires meeting solvency, fit-and-proper, and corporate-governance standards; the removal of equity caps means 100% ownership is permissible. Approval and licensing follow the standard insurance company formation path under NFRA.

Route two — stake-building or M&A in an existing insurer. Common for entering via a joint venture that is later consolidated to majority or full foreign ownership. This route reuses an existing licence and distribution footprint but demands careful handling of minority protections, connected-transaction rules and change-of-control approvals.

Route three — insurance asset-management subsidiary. Increasingly the preferred depth play. A foreign insurer (or its headquarters) can establish a wholly foreign-owned insurance asset manager to separate balance-sheet asset allocation from investment execution. The recent Shanghai licensings of foreign insurance asset managers show this route is operational and actively welcomed in the pilot free-trade zone.

Practical steps and licensing checklist

  1. Choose the ownership-and-entity route first. The licensing path, capital adequacy and governance expectations differ sharply between a carrier, a stake acquisition and an asset manager.
  2. Engage NFRA early. Pre-application consultation clarifies solvency, qualification of directors/senior managers, and business-plan expectations before formal filing.
  3. Localise capital and talent. Demonstrated in-China risk-management capability and a credible local management team are routinely expected, not optional.
  4. Plan for the reinsurance and asset-management angle. Even a primary carrier should map how it will cede risk (potentially through the Shanghai centre) and manage assets (potentially through a local insurance asset manager).
  5. Track pilot free-trade-zone preferences. Shanghai (reinsurance), Hainan (cross-border insurance services) and the nine-city service-opening pilot offer concrete, often faster, onshore footholds.

Related reading

The same institutional-opening logic now extends across banking, securities and fund management. Foreign groups should read China’s insurance access alongside the broader financial-opening roadmap and the foreign-investment action plan, because the licensing, capital and supervision expectations are increasingly coordinated across the financial sector.

外资保险与再保险机构在华市场准入

为何当下值得关注

对考虑进入中国的外资金融集团而言，保险行业的关键已不再是”是否允许外资持股”，而是”在日益成熟、以制度型开放为底色的框架下如何准入与运营”。2026年两股力量交汇：其一，人身险、保险资管等子行业的外资持股比例限制已被取消，股权结构成为商业选择而非监管上限；其二，决策层正明确从”要素型开放”（放宽准入门槛）转向”制度型开放”——推动规则、规制、管理、标准与国际接轨。其结果是一个外资可以控股、控制并经营，但必须经由一套以透明许可与属地监管为核心的架构的市场，且这套架构更利好长期、在地深耕的承诺。

开放脉络：从要素型走向制度型

中国保险业的开放循序渐进。早期将外资寿险股比上限提至51%，随后彻底取消；保险资管等子行业陆续跟进。当前的基准制度已是”准入前国民待遇加负面清单”，监管部门强调行政许可的透明与标准化。2026年《政府工作报告》将下一阶段概括为”稳步扩大制度型开放”与”加强对外资企业的服务保障”——这一表述指向程序公平与准入后待遇，而非进一步的门槛削减。

市场数据印证了这种转向。全球大型保险集团持续进入；多家已将合资寿险公司转为外商独资人寿，且一批外资保险资管公司在上海获批。对投资者而言，政策顺风正集中于”运营深度”——在地资产管理、在岸再保险、参与中国风险分担——而非单纯的准入放宽。

2026年上海国际再保险中心措施

2026年最具实操意义的信号，是国家金融监督管理总局与上海市人民政府于2026年6月16日联合印发的《加快上海国际再保险中心建设的若干措施》。该措施旨在将中国（上海）自由贸易试验区临港新片区打造为连通全球的再保险枢纽。要点包括：

  • 鼓励大型企业在临港新片区集中管理风险保障需求，推动风险与承保能力精准对接。
  • 支持境内再保险机构建设登记交易中心，并允许境外再保险接受人、再保险经纪人通过该中心开展引荐与交易业务，将境外承保能力引入中国市场。
  • 推动再保险合同、赔付等信息统一登记，完善数据分级分类治理与安全保密，建设高效透明的数字化交易平台。
  • 便利跨境业务：支持再保险机构在临港开立托管与结算专用账户，运用跨境再保险分入业务收入境外投资便利化政策，并更新再保险数据出境操作指引。

对外资再保险人与经纪人而言，这些措施降低了参与中国再保险市场的摩擦，并提供清晰的在岸平台——成为单纯离岸服务中国风险之外的重要替代路径。

外资保险机构的三条准入路径

路径一——新设外商独资保险公司。 适用于希望完全掌控寿险、财险或健康险主体的投资者。需满足偿付能力、高管适格与公司治理标准；股比限制取消后，100%持股已被允许。审批与牌照遵循国家金融监管总局标准的人身险/财险公司设立路径。

路径二——参股或并购现有保险机构。 常见做法是先以合资进入，再逐步增持至控股或独资。该路径可复用既有牌照与渠道，但须审慎处理少数股东保护、关联交易规则及控制权变更审批。

路径三——设立保险资管子公司。 日益成为”深度布局”的首选。外资保险机构（或其总部）可设立外商独资保险资管公司，将寿险板块的资产配置规划与资管公司的实际投资运作分开。近期多家外资保险资管公司在上海获批开业，表明该路径已可落地且受到试点自贸区欢迎。

实务步骤与牌照清单

  1. 先定股权与实体路径。 保险公司、股权收购、保险资管三者的许可路径、资本充足与治理预期差异显著。
  2. 尽早对接监管机构。 正式申报前先行沟通，厘清偿付能力、董事及高管适格、业务规划等预期。
  3. 资本与人才在地化。 具备在China的风险管理能力与可信的本地管理团队，是常态要求而非可选项。
  4. 规划再保险与资管维度。 即便作为直接承保人，也应谋划分保路径（可经由上海中心）与资产管理路径（可设立本地保险资管）。
  5. 追踪试点自贸区优惠。 上海（再保险）、海南（跨境保险服务）及九城市服务业扩大开放综合试点，提供具体、往往更快的在岸落脚点。

延伸阅读

同一套制度型开放逻辑已延伸至银行、证券与基金管理。外资集团应将保险准入与中国整体金融开放路线图及稳外资行动方案一并研读，因为金融各子行业的许可、资本与监管预期正日益协同。

Sources

  • 国家金融监督管理总局、上海市人民政府：《加快上海国际再保险中心建设的若干措施》（2026-06-16）— https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1263701&generaltype=1&itemId=861
  • 国务院办公厅：《扎实推进高水平对外开放更大力度吸引和利用外资行动方案》（扩大银行保险领域外资金融机构准入）— https://www.sc.gov.cn/10462/13241/2024/3/20/d53b63a89ffa44dbab74dd4ec57b611e.shtml
  • 2026年《政府工作报告》”稳步扩大制度型开放”（金融时报，武汉市地方金融工作局转载）— https://jrj.wuhan.gov.cn/ztzl_57/xyrd/bxy/202603/t20260325_2744635.shtml
Financial License / 金融牌照

Shanghai’s 2026 Offshore Finance Action Plan: Pudong Licensing and Business Openings for Foreign Financial Institutions

  • The Action Plan for the Development of Offshore Finance in the Shanghai International Financial Centre was signed on 11 June 2026 by six authorities and formally released at the Lujiazui Forum on 17 June 2026.
    《上海国际金融中心发展离岸金融行动方案》由六部门于2026年6月11日联合落款，并于2026年6月17日在陆家嘴论坛正式发布，随后联合印发。
  • The plan does not open a new offshore bank licence: it only commits to “study the feasibility” of establishing offshore banks, so the realistic route is applying for pilot business qualifications under an existing legal entity or branch.
    该方案并未开放新的离岸银行牌照，仅提出”研究设立离岸银行等离岸金融机构的可行性”；现实路径是在现有法人主体或分行下申请试点业务资格。
  • Pudong New Area is the pilot ground, ring-fenced through three mechanisms — physical clustering, entity limitation and account segregation.
    浦东新区是试点区域，并通过”物理集聚””主体限定””账户隔离”三种方式实现适度集聚与有效隔离。
  • Six business lines form the first batch: offshore trade finance, FTZ offshore bonds, offshore reinsurance, treasury-centre fund operations, offshore RMB FX trading and non-resident individual financial services.
    首批试点业务共六类：离岸贸易金融服务、自贸离岸债、离岸再保险、财资中心资金运营、离岸人民币外汇交易、非居民个人金融服务。
  • Business runs through Free Trade (FT) accounts, FTU separate-accounting units with a dedicated quota, and existing OSA accounts, under the “first line liberalised, second line managed, transactions traceable, risk controllable” principle.
    业务依托自由贸易账户（FT账户）、设有专项额度的分账核算单元（FTU）以及现有离岸账户（OSA账户）开展，遵循”一线放开、二线管住、交易留痕、风险可控”原则。
  • Pilot participants must still perform balance-of-payments declaration and tax-related due diligence and reporting on financial accounts, with penetrating supervision aimed at preventing idle fund circulation and regulatory arbitrage.
    试点业务仍须履行国际收支申报义务以及金融账户涉税信息尽职调查和信息报送义务；穿透式监管旨在防止资金空转和监管套利。
  • Implementing rules will come from the competent business authorities, so institutions should track regulatory releases from the second half of 2026 into 2027 rather than assume the plan is directly actionable.
    具体细则待业务主管部门出台，机构应在2026年下半年至2027年持续跟踪监管规则发布节奏，而非假设方案可直接落地执行。

Shanghai’s 2026 Offshore Finance Action Plan: Pudong Licensing and Business Openings for Foreign Financial Institutions | 上海2026年离岸金融行动方案：浦东试点的牌照与业务机会

The Document and Its Issuers

Six authorities signed the *Action Plan for the Development of Offshore Finance in the Shanghai International Financial Centre* on 11 June 2026: the People’s Bank of China, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People’s Government. It was released at the Lujiazui Forum on 17 June 2026, then jointly issued.

Three Dated Objectives

  • End-2027: initially establish offshore business rules, risk management and resolution, and business-environment systems; explore from a digital frontier; better serve enterprises “going out”.
  • End-2030: a relatively mature offshore financial and rule-of-law system serving Chinese enterprises’ international investment and trade, testing onshore reform, and supporting the renminbi’s global asset-allocation and risk-management functions.
  • End-2035: a strategic hub for coordinated offshore-onshore development, leading national financial opening and high-quality development.

The Pudong Ring-Fence

The pilot runs in Pudong New Area prudently and in an orderly manner, with clustering and isolation via physical clustering, entity limitation and account segregation. Users are narrow: overseas branches and subsidiaries of Chinese “going-out” enterprises and quality Belt and Road enterprises — non-resident corporate entities — needing payment and settlement, fund exchange, investment and financing, insurance protection and asset management. Shanghai is to set the standards, procedures and supervisory measures for such services and to study the feasibility of establishing offshore banks and other offshore financial institutions.

Accounts, Funds and Digital Infrastructure

Banks may use Free Trade (FT) accounts for qualified entities in offshore trade, leasing, shipping and global treasury management. Separate-accounting units (FTU) in the Shanghai Pilot FTZ may invest in FTZ offshore bonds within a dedicated quota. Cross-border fund management follows “first line liberalised, second line managed, transactions traceable, risk controllable”; existing offshore accounts (OSA) retain their role. Digital renminbi cross-border, offshore and blockchain infrastructure is to be built through the Digital RMB International Operations Centre on a security-controllable basis, with prudent interconnection abroad.

Six Pilot Business Lines

The rule is “mature in one category, implement one category”.

  1. Offshore trade finance. Expand the Lin-gang reform pilot; global traders may set up specialised offshore trading companies (payment, settlement, financing); “Cross-border Link” and “Offshore Link” integrate global customs and logistics data; commodity trading comes first.
  2. FTZ offshore bonds. Apply “both ends outside China”, benchmarked internationally, with a dedicated quota for FTU investment.
  3. Offshore reinsurance. Specialised reinsurers may invest pooled international inward-reinsurance funds overseas and settle claims, under a facilitation pilot for overseas investment of inward cross-border reinsurance income.
  4. Treasury centres. A multinational treasury centre pilot in Shanghai; fund-operation policies follow “first line liberalised, second line managed” so centres can pool overseas funds, with municipal incentives.
  5. Offshore renminbi trading. Qualified commercial banks may run offshore RMB foreign exchange trading in the Shanghai Pilot FTZ; the China Foreign Exchange Trade System upgrades offshore FX services and promotes direct renminbi/non-USD trading.
  6. Non-resident individual services. Supported in the Oriental Hub International Business Cooperation Zone and similar areas: streamlined account opening and cards, offshore wealth management, global asset allocation.

Later stages cover offshore credit models, offshore financial asset transfers, offshore asset management and family trusts and family offices. Pilots must still perform balance-of-payments declaration and tax-related due diligence and reporting on financial accounts; category rules await the competent authorities.

Licence or Business Qualification?

The commitment is only to “study the feasibility of establishing offshore banks and other offshore financial institutions”. No new offshore bank licence is open for application. The realistic route is to apply for pilot business qualifications under an existing legal-person entity or branch — a foreign bank subsidiary or branch, a licensed insurer or reinsurer, a securities or asset-management entity — running business through FT accounts and FTU units.

Legal Basis and Supervision

The PBOC, the National Financial Regulatory Administration, the CSRC and SAFE are to formulate offshore financial rules in accordance with law, layered and categorised. Shanghai may use its Pudong New Area legislative authorisation for supporting rules and improve arbitration rules for offshore finance; temporary adjustment or suspension of laws or administrative regulations needs authorisation by the National People’s Congress or its Standing Committee, or the State Council.

Supervision is institutional, conduct, functional, penetrating and continuous. Monitoring is strengthened to prevent idle fund circulation and regulatory arbitrage, with coordinated management of abnormal flows, internationally accepted measures in extreme risk scenarios, a risk monitoring and resolution mechanism, and “single-point” unified reporting of regulatory information. Shanghai reports periodically to the central financial management departments, copying the NDRC and Ministry of Finance, and the plan stresses mutual learning with Hong Kong, China.

The Regulator’s June 2026 Additions

The regulator’s June 2026 account adds detail: it jointly issued the Action Plan as the comprehensive guiding document, backs commercial banks in Pudong New Area FTZ offshore bond business on a lawful, compliant and risk-controllable basis, and will release supervisory provisions for that business. AIA Insurance Asset Management Co., Ltd. and Aegon Insurance Asset Management Co., Ltd. are approved in Shanghai; qualified foreign banks may apply for treasury bond futures and other pilots; a financial leasing innovation pilot runs in Lin-gang (new-energy equipment, power batteries, intelligent manufacturing, machine tools); and measures supporting the Shanghai International Reinsurance Centre were issued with the municipal government.

Preparation, Timing and Boundaries

Beneficiaries: foreign banks, brokers, insurers and reinsurers; multinational treasury centres; commodity traders; offshore asset managers and family offices.

  • Entity and premises: how physical clustering applies to Pudong, Lin-gang or the Oriental Hub International Business Cooperation Zone.
  • Accounts: FT accounts, FTU units or existing OSA accounts.
  • Quota: for FTZ offshore bonds the dedicated quota binds; allocation awaits detailed rules.
  • Controls: internal control and anti-money-laundering capability sized to non-resident counterparties; balance-of-payments and CRS-style tax reporting ready from day one.
  • Timing: track rule releases from the second half of 2026 through 2027.

Boundaries: “both ends outside China” limits FTZ offshore bond scope and onshore use of proceeds; penetrating supervision and anti-arbitrage monitoring target structures built mainly for regulatory or tax advantage; and reserved measures for extreme risk scenarios are a remote but real tail risk. See also our articles on QFLP expansion, foreign bank licensing, financial sector opening and fintech licences. —

上海2026年离岸金融行动方案：浦东试点的牌照与业务机会

文件与印发单位

《上海国际金融中心发展离岸金融行动方案》是六部门联合文件，印发单位为中国人民银行、国家发展改革委、金融监管总局、中国证监会、国家外汇局、上海市人民政府。落款日期为2026年6月11日，2026年6月17日在陆家嘴论坛正式发布，随后联合印发。

其意义并不在于”一夜之间开放了某类牌照”——它并没有；而在于中国首次就在境内建设离岸金融体系给出分阶段的国家层面路线图，并明确以浦东新区为先行先试的试验场。

三个时间节点目标

  • 到2027年末：初步建立适应离岸金融业务的业务规则、风险管理和处置、营商环境等制度体系，立足数字化前沿开展离岸金融业务探索，更好服务企业”走出去”。
  • 到2030年末：逐步形成相对成熟的离岸金融制度和法治体系，为我国企业国际投资和贸易持续开展提供安全可靠的金融服务，为在岸金融体系改革开展测试，有力支持打造人民币资产全球配置功能和风险管理功能。
  • 到2035年末：成为离岸、在岸高水平统筹协调发展的战略枢纽，引领国家金融高水平开放和高质量发展。

浦东的隔离式试点

方案提出在浦东新区稳妥有序开展离岸金融试点，通过“物理集聚””主体限定””账户隔离”三种方式，探索离岸金融的适度集聚和有效隔离。

服务对象被明确限定：我国”走出去”企业的海外分（子）公司，以及共建”一带一路”国家和地区优质企业等境外企业主体。其在支付结算、资金汇兑、投资融资、保险保障、资产管理等方面的多元化需求，构成目标市场。

方案鼓励上海市制定企业获得离岸金融服务的标准、流程和监管办法；并提出——这是牌照团队最应标注的一句——研究设立离岸银行等离岸金融机构的可行性。

账户体系、跨境资金与数字化基础设施

支持银行业金融机构依托自由贸易账户（FT账户），为符合条件的企业主体开展离岸贸易、离岸租赁、离岸航运、全球财资管理等特定离岸业务提供金融服务。支持上海自贸试验区分账核算单元（FTU）在专项额度内投资自贸离岸债。按照“一线放开、二线管住、交易留痕、风险可控”原则优化离岸金融跨境资金管理，并发挥好现有离岸账户（OSA账户）的作用。

依托数字人民币国际运营中心，在安全可控前提下建设和运营数字人民币跨境、离岸和区块链基础设施，稳妥推进与境外金融基础设施的互联互通。

首批六类试点业务

按“成熟一类、实施一类”原则小切口稳步探索。

  1. 离岸贸易金融服务。 支持临港新片区离岸贸易金融服务综合改革试点扩围；支持全球优质贸易商设立离岸贸易专业公司，为其提供资金支付、结算、融资等服务；支持”跨境通””离岸通”等平台整合全球海关、物流等数据；优先发展基于大宗商品交易等具备一定基础的离岸贸易金融服务。
  2. 自贸离岸债。 遵循“两头在外”原则，对标国际良好实践；设置分账核算单元投资自贸离岸债的专项额度。
  3. 离岸再保险。 支持符合条件的再保险专营机构将归集的国际分入资金依法依规办理再保险保费境外投资及赔款收付结算，开展跨境再保险分入业务收入境外投资便利化试点。
  4. 财资中心。 支持上海市开展跨国公司财资中心试点，鼓励跨国公司设立国际财资中心；按”一线放开、二线管住”原则制定配套资金运营管理政策，支持财资中心归集海外资金；鼓励上海市给予配套扶持。
  5. 人民币离岸交易。 支持符合条件的商业银行开展上海自贸试验区离岸人民币外汇交易业务；支持外汇交易中心提升离岸外汇交易服务能力，推动人民币对非美货币直接交易发展。
  6. 非居民个人金融服务。 支持在东方枢纽国际商务合作区等区域为非居民个人提供金融服务，优化账户开立和办卡流程；稳步拓展面向非居民个人的离岸财富管理、全球资产配置等服务。

条件成熟后适时全面探索：优化离岸信贷业务模式，研究离岸金融资产转让业务可行性，发展离岸资产管理业务，研究稳妥有序发展家族信托、家族办公室等业务，打造离岸财富管理高地。

合规义务写得很明确：试点业务需履行国际收支申报义务以及金融账户涉税信息尽职调查和信息报送义务。具体类别的试点业务由业务主管部门出台细则予以明确。

是牌照，还是业务资质？

这是最容易被误读的一点。在方案层面，表述仅为”研究设立离岸银行等离岸金融机构的可行性”。目前并未开放新的离岸银行牌照申请。

现实路径是在现有法人主体或分行下申请试点业务资格——外资法人银行、外国银行分行、持牌保险或再保险机构、证券与资管主体——并依托 FT 账户与 FTU 分账核算单元展业。若按”近期可获批离岸银行牌照”作规划，则该假设并无文件依据。

法律依据与监管

中国人民银行、金融监管总局、中国证监会、国家外汇局等中央金融管理部门研究依法制定离岸金融业务制度和规则，分层分类逐步建立健全指导性规定；上海市可运用浦东新区法规立法授权研究制定配套规则，并完善与离岸金融发展相适应的仲裁规则；凡涉及暂时调整或暂停实施现行法律或行政法规的，按法定程序经全国人大及其常委会或国务院授权后实施。

监管方面要求强化机构监管、行为监管、功能监管、穿透式监管、持续监管；加强资金交易监测预警，防止资金空转和监管套利，对异常资金流动实施协同管理；极端特定风险场景下依法实施国际通用风险管理措施；建立离岸金融风险监测和处置机制，监管信息报送实施“一点化”统一申报。上海市人民政府定期向中央金融管理部门报送离岸金融业务开展情况，抄送国家发展改革委、财政部等。

方案同时强调，注重做好与中国香港离岸金融发展的互学互鉴，实现两个国际金融中心的协同联动发展。

金融监管总局2026年6月的配套动向

按金融监管总局2026年6月口径，该局会同上述部门联合印发行动方案，作为支持上海离岸金融发展的综合指导文件。支持商业银行在依法合规、风险可控前提下参与浦东新区自贸离岸债业务，并拟发布浦东新区自贸离岸债业务监管规定。支持符合条件的金融机构落户上海，已批准设立友邦保险资产管理有限公司、荷全保险资产管理有限公司。支持外资金融机构深耕发展，包括支持符合条件的外资银行申请国债期货等金融业务试点。依托临港新片区开展金融租赁业务创新试点，聚焦新能源设备、动力电池、智能制造、工业母机等领域。并与上海市联合出台进一步支持上海国际再保险中心建设的若干措施。

落地准备、时间窗与边界

谁能受益：外资银行、券商、保险与再保险机构；跨国公司财资中心；全球大宗商品贸易商；离岸资管与家族办公室。

  • 主体与场所：确认物理集聚要求如何适用于浦东、临港新片区或东方枢纽国际商务合作区。
  • 账户架构：在 FT 账户、FTU 分账核算单元与现有 OSA 账户之间选择，并测算各自与拟开展业务的匹配关系。
  • 专项额度：对自贸离岸债投资而言，专项额度是硬约束；分配机制有待主管部门出台细则。
  • 内控与申报：建设与境外交易对手规模相匹配的内控与反洗钱能力，并确保自首日起即可完成国际收支申报与 CRS 类金融账户涉税信息报送。
  • 时间窗：在2026年下半年至2027年持续跟踪监管规则发布节奏，并据此安排内部审批。

边界有三条：“两头在外”原则限定了自贸离岸债业务范围，并约束募集资金的在岸使用；穿透式监管与反套利监测意味着主要为获取监管或税务优势而设计的架构将受到重点审视；方案还保留在极端特定风险场景下依法实施国际通用风险管理措施的权力——在任何长周期业务测算中，这都是真实存在的尾部风险，尽管概率较低。就并行的准入路径，可参阅本站关于 QFLP 试点扩围、外资银行牌照申设、金融业开放总览与金融科技牌照的文章。

Sources

Financial License / 金融牌照

Foreign Banks Entering China: Licensing Pathways for Representative Offices, Branches, and Wholly Foreign-Owned Banks

  • A foreign bank may enter China through three licensed routes: a representative office, a foreign bank branch, or a wholly foreign-owned bank (legal-person bank).
    外资银行可通过三条持牌路径进入中国：代表处、外国银行分行，或外商独资银行（法人银行）。
  • A representative office is a non-operating liaison post and cannot take deposits or make loans; it is the usual first step before upgrading to a licensed institution.
    代表处是非经营性联络机构，不得吸收存款或发放贷款；通常是在升级为持牌机构前的第一步。
  • A foreign bank branch needs at least RMB 200 million of allocated operating capital (RMB 300 million if it also runs RMB business), while a wholly foreign-owned bank requires RMB 1 billion of paid-in registered capital.
    外国银行分行须由母行拨入不少于 2 亿元人民币营运资金（兼营人民币业务须不少于 3 亿元），外商独资银行须有不少于 10 亿元人民币实缴注册资本。
  • The wholly foreign-owned bank is a separate Chinese legal person, enabling local retail deposit-taking and ring-fenced balance-sheet autonomy that a branch cannot match.
    外商独资银行是独立的中国法人，可开展本地零售存款业务并形成风险隔离的资产负债表，这是分行所不具备的。
  • China has removed foreign ownership caps, cleared the financial-sector negative list, and granted foreign banks full national treatment in business scope.
    中国已取消外资持股比例限制、清零金融业负面清单，并在业务范围内给予外资银行完全国民待遇。
  • The 2026 Action Plan to Stabilize and Optimize Foreign Investment reaffirms national treatment and a steadily rising level of financial-sector opening.
    2026 年《利用外资固稳促优行动方案》重申对外资企业的国民待遇及稳步提升的金融业开放水平。
  • NFRA approves foreign-bank institutions in two phases—preparation (筹建) and opening (开业)—with the local bureau accepting and NFRA deciding.
    国家金融监督管理总局对外资银行机构实行筹建与开业两阶段审批，由属地监管局受理、总局决定。

Foreign Banks Entering China: Licensing Pathways for Representative Offices, Branches, and Wholly Foreign-Owned Banks | 外资银行进入中国：代表处、分行与外商独资银行牌照路径

Overview

Foreign banks that wish to operate on the Chinese mainland do so under the *Regulations on the Administration of Foreign-Funded Banks* (《中华人民共和国外资银行管理条例》), which are administered by the National Financial Regulatory Administration (NFRA, 国家金融监督管理总局). The framework recognises four forms: a representative office, a foreign bank branch, a wholly foreign-owned bank (WFOB), and a Sino-foreign joint-venture bank. The WFOB and joint-venture bank are together described as “legal-person banks” (法人银行). A representative office is a non-operating presence, whereas a branch and a legal-person bank are licensed operating institutions (营业性机构).

This article explains how a foreign bank chooses among these three routes, the capital and prudential requirements, the business scope (including RMB), and the NFRA approval workflow, set against China’s 2026 financial-opening agenda.

Three Entry Routes

1. Representative Office (代表处). A representative office is a liaison and market-intelligence post. It may not take deposits, grant loans, or conduct any profit-making banking business. Its principal value lies in market research, client liaison, and serving as a springboard to a licensed institution. Once a foreign bank has established an operating institution in China, it may not open further representative offices (except in regions aligned with national strategies); a representative office converted into an operating institution must be deregistered. Representative offices are examined by the local NFRA bureau, with NFRA deciding, and NFRA must decide within six months of a complete application.

2. Foreign Bank Branch (外国银行分行). A branch is an extension of the foreign parent bank and is not a separate legal person. The parent bank must allocate operating capital of at least RMB 200 million (or equivalent freely convertible currency). A branch may conduct the full range of licensed banking business, including RMB business, subject to additional operating-capital and track-record requirements.

3. Wholly Foreign-Owned Bank (外商独资银行, WFOB). A WFOB is a locally incorporated legal-person bank owned by one or more foreign banks or financial institutions, with registered capital of at least RMB 1 billion (paid-in, 实缴资本). As a Chinese legal person, it gains balance-sheet autonomy and local retail deposits.

In practice, most foreign banks start with a representative office, upgrade to a branch, and later incorporate locally as a WFOB to scale retail and onshore funding. A branch may also be restructured into a parent-owned WFOB.

Branch vs. Wholly Foreign-Owned Bank (法人银行)

  • Legal personality. A branch is not a separate legal person; the parent must guarantee its China tax and debt obligations. A WFOB is an independent Chinese legal person.
  • Capital. A branch requires operating capital of at least RMB 200 million (at least RMB 300 million if it also conducts RMB business, of which the RMB portion must be at least RMB 100 million and the FX portion at least RMB 200 million equivalent). A WFOB requires registered capital of at least RMB 1 billion (paid-in); its head office allocates operating capital to domestic sub-branches, and the aggregate must not exceed 60% of the head office’s total capital.
  • Liability and risk. A branch’s liabilities are ultimately the parent’s; a WFOB’s are ring-fenced within the Chinese entity, more resilient in a crisis.
  • Business scope. Both may conduct RMB and FX business; a WFOB is better positioned for retail deposits and local-currency funding, while a branch’s RMB business faces the higher operating-capital threshold.
  • Parent prerequisites. For a branch, the foreign bank must have total assets of at least USD 20 billion at the year-end of the preceding year (at least USD 6 billion for banks from Hong Kong and Macau) and satisfy capital-adequacy rules. For a WFOB, the shareholder(s) must be financial institutions; the sole or controlling shareholder must be a commercial bank; the foreign shareholder must have total assets of at least USD 10 billion (at least USD 6 billion for Hong Kong/Macau banks) and meet capital-adequacy requirements.

2026 Opening Measures

China’s financial opening rests on pre-establishment national treatment plus a negative list, with financial-sector negative-list restrictions fully cleared. The points most relevant to foreign banks in 2026 are:

  • Foreign ownership caps removed. Foreign capital may hold up to 100% of banking and insurance institutions; the equity-ratio restrictions on foreign participation, acquisition, and capital increase have been eliminated.
  • Quantitative entry thresholds reduced. Prior asset-size and home-country operating-tenure requirements for foreign banks have been removed; NFRA now assesses comprehensive capability rather than fixed numeric gates.
  • National treatment in business scope. The permissible business scope of foreign banks is now identical to that of Chinese banks.
  • 2026 Action Plan. The *Action Plan to Stabilize and Optimize Foreign Investment* (《利用外资固稳促优行动方案》, 商资发〔2026〕97号), issued by MOFCOM, the NDRC, and the Ministry of Finance in June 2026, reaffirms full national treatment for foreign-invested enterprises and a steadily rising level of financial-sector opening, supporting foreign institutions’ use of risk-management tools (including government-bond futures) and cross-border financing.

As of end-2023, foreign banks had established 41 legal-person banks, 116 branches (incl. Hong Kong, Macau, and Taiwan), and 132 representative offices in China, with 888 operating institutions and aggregate assets of RMB 3.86 trillion.

Licensing Requirements (设立条件)

Common conditions (Article 9). The proposing shareholder or foreign bank must show sustained profitability, a good reputation, no major violation record, international-finance experience, an effective AML system, effective home supervision with the home supervisor’s consent, and other NFRA prudential conditions. The home jurisdiction must have a sound regulatory regime and an established NFRA cooperation mechanism.

WFOB shareholder. Must be a financial institution; the sole or controlling shareholder must be a commercial bank; the foreign shareholder must have total assets of at least USD 10 billion (USD 6 billion for Hong Kong/Macau banks).

Branch parent. Must have total assets of at least USD 20 billion (USD 6 billion for Hong Kong/Macau banks) and satisfy capital-adequacy rules in both the home jurisdiction and under NFRA.

Representative office. The lightest regime—no capital minimum—but the applicant must be a financial institution in good standing under effective home supervision, and the home supervisor’s consent is required.

Business Scope and RMB Operations

Licensed foreign-bank operating institutions may, upon approval, take deposits, grant loans, accept and discount bills, trade government and financial bonds, trade FX, lend in the interbank market, issue letters of credit and guarantees, act as payment agent, and provide safe-deposit boxes.

RMB business is now integrated with FX—once approved, the institution may conduct both wholesale and retail RMB business. A branch needs operating capital of at least RMB 300 million (RMB portion ≥ RMB 100 million) for RMB business; a WFOB may take RMB retail deposits from the outset. Both remain subject to the same prudential ratios as Chinese banks—capital adequacy, loan-loss provisioning, and liquidity.

Application Workflow (审批流程)

For an operating institution (branch or WFOB), NFRA approval proceeds in two phases: preparation (筹建) and opening (开业).

  1. Preparation application. Filed with the local NFRA bureau (accepted and preliminarily reviewed locally), with NFRA deciding. Materials include a joint preparation application letter, a feasibility study, draft articles, shareholders’ charts and three-year annual reports, AML materials, and the home supervisor’s licence and consent letter.
  2. Preparation phase. The applicant establishes governance and internal controls, recruits and trains staff, prints business documents, secures safety facilities, and commissions a pre-opening audit by a qualified PRC accounting firm.
  3. Opening application. The applicant submits the opening application, acceptance notice, qualification documents for proposed directors and senior managers, the pre-opening audit and capital-verification report, the head office’s guarantee letter (for a branch), and premises proof. The WFOB must obtain a financial licence, register with the market regulator, and commence business within six months of approval (max extension three months).

For a representative office, approval is a single phase decided by NFRA or the local bureau, with a decision due within six months; the office must move into fixed premises within six months of approval or the approval lapses.

Related Reading

  • Companion piece on financial-services and fintech licensing overview (牌照概览).
  • Companion piece on financial-sector opening measures overview (开放措施概览).
  • Companion piece on Qualified Foreign Limited Partners (QFLP) private equity (私募股权).

These companion articles cover adjacent topics; this article is confined to foreign-bank establishment and licensing pathways.

外资银行进入中国：代表处、分行与外商独资银行牌照路径

概述

有意向中国内地展业的外资银行，依据《中华人民共和国外资银行管理条例》接受监管，该条例由国家金融监督管理总局（NFRA）负责实施。监管框架承认四种外资银行存在形式：代表处、外国银行分行、外商独资银行，以及中外合资银行。其中外商独资银行与中外合资银行合称为”法人银行”。代表处属于非经营性机构，而分行与法人银行则属于外资银行营业性机构。

本文说明外资银行如何在三条可行路径——代表处、分行、外商独资银行——之间作出选择，并系统梳理资本与审慎要求、业务范围（含人民币业务），以及国家金融监督管理总局的审批流程，同时置于中国 2026 年金融业开放的政策背景之下。

三条进入路径

一、代表处。 代表处是联络与市场信息收集机构，不得吸收存款、发放贷款，也不得从事任何营利性银行业务。其主要价值在于市场调研、客户联络，并作为升级为持牌机构的前站。外国银行在华设立营业性机构后，除符合国家区域发展战略的地区外不得增设代表处；代表处改制为营业性机构的应办理原代表处注销登记。代表处由属地监管局审查、国家金融监督管理总局决定，总局应自收到完整申请材料之日起六个月内作出决定。

二、外国银行分行。 分行是外国母行的延伸，并非独立法人。母行须无偿拨给不少于 2 亿元人民币（或等值可自由兑换货币）的营运资金。分行可从事全部持牌银行业务，包括人民币业务，但须满足额外的营运资金与经营记录要求。

三、外商独资银行（法人银行）。 外商独资银行是由一家或多家外国银行、金融机构在本地注册成立的法人银行，注册资本最低 10 亿元（实缴）。作为独立中国法人，它换取更大的资产负债表自主权与本地零售存款渠道。

实践中，多数外资银行先设代表处，再升级为分行，随后为规模化开展零售与在岸融资而在本地改制为外商独资银行；分行亦可改制为母行独资的外商独资银行。

分行 vs. 外商独资银行（法人银行）

  • 法律人格。 分行并非独立法人，由母行承担最终责任并出具税务与债务保证书；外商独资银行是独立的中国法人。
  • 资本要求。 分行营运资金不少于 2 亿元人民币（兼营人民币业务则不少于 3 亿元，其中人民币营运资金不少于 1 亿元、外汇营运资金不少于 2 亿元等值可自由兑换货币）。外商独资银行注册资本不少于 10 亿元（实缴）；其总行对境内分行拨给营运资金的总和，不得超过总行资本金总额的 60%。
  • 责任与风险。 分行负债最终由母行承担；外商独资银行的负债隔离于中国实体之内，危机中更具韧性。
  • 业务范围。 两者均可从事人民币与外汇业务；外商独资银行更利于零售存款与本地币融资，分行人民币业务则适用更高营运资金门槛。
  • 母行前提。 设立分行的外国银行，提出申设前一年年末总资产不少于 200 亿美元（港澳银行不少于 60 亿美元），并符合资本充足率规定。设立外商独资银行的股东须为金融机构，唯一或控股股东须为商业银行，外方股东提出申设前一年年末总资产不少于 100 亿美元（港澳银行不少于 60 亿美元）并满足资本充足率要求。

2026 年开放措施

中国金融业开放现已确立”准入前国民待遇加负面清单”原则，金融业相关负面清单限制措施已完全清零。与外资银行最相关的 2026 年要点如下：

  • 取消外资持股比例限制。 外国资本可持有银行、保险机构最高 100% 股权，外资参股、收购、增资金融机构的股权比例限制均已取消。
  • 减少数量型准入门槛。 过去对外资银行总资产规模、母国经营年限的要求已经取消，国家金融监督管理总局转而注重综合资质评估。
  • 业务范围国民待遇。 外资银行的可从事业务范围与中资银行已完全一致。
  • 2026 年行动方案。 商务部、国家发展改革委、财政部于 2026 年 6 月印发《利用外资固稳促优行动方案》（商资发〔2026〕97 号），重申”全面落实外资企业国民待遇”与”稳步提升金融业开放水平”，支持外资机构运用包括国债期货在内的风险管理工具，并提供跨境融资便利化额度。

截至 2023 年末，外资银行在华共设立 41 家法人银行、116 家外国及港澳台银行分行和 132 家代表处，营业性机构总数达 888 家，总资产 3.86 万亿元。

设立条件

共同条件（条例第九条）。 拟设股东或外国银行须具备持续盈利能力、信誉良好、无重大违法违规记录，具有从事国际金融活动的经验与有效的反洗钱制度，受到母国监管当局有效监管且取得其同意，并满足国家金融监督管理总局规定的其他审慎性条件；其所在国家或地区须有完善的监管制度并与总局建立良好合作机制。

外商独资银行股东。 须为金融机构；唯一或控股股东须为商业银行并符合资本充足率；外方股东申设前一年末总资产不少于 100 亿美元（港澳 60 亿美元）。

分行母行。 申设前一年末总资产不少于 200 亿美元（港澳 60 亿美元），并满足母国及总局资本充足率要求。

代表处。 监管最轻，无资本最低限额，但申请人须为受母国有效监管、信誉良好的金融机构，且须取得母国监管当局同意。

业务范围与人民币业务

经批准，外资银行营业性机构可从事广泛业务：吸收公众存款；发放贷款；办理票据承兑与贴现；买卖政府债券、金融债券；买卖、代理买卖外汇；从事同业拆借；提供信用证服务及担保；代理收付款项；提供保管箱服务等。

人民币业务与外汇业务已”本外币一体”——一经批准经营人民币业务，即可从事人民币批发与零售业务。对分行而言，经营人民币业务须有不少于 3 亿元营运资金，其中人民币部分不少于 1 亿元。外商独资银行作为法人，批准开业后即可吸收人民币零售存款。两类机构均须遵守适用于中资银行的审慎比例，包括资本充足率、贷款损失拨备与流动性要求。

申请审批流程

对外资银行营业性机构（分行或外商独资银行），国家金融监督管理总局审批分为筹建与开业两个阶段。

  1. 筹建申请。 向拟设机构所在地监管局提交（属地局受理并初审），由国家金融监督管理总局决定。材料包括各股东联合签署的筹建申请书、可行性研究报告、章程草案、股东组织架构图与近三年年报、反洗钱材料，以及母国监管当局的营业许可与同意意见。
  2. 筹建阶段。 申请人建立健全公司治理与内控制度，招聘并培训合格人员，印制业务凭证，落实安全设施，并聘请境内合格会计师事务所进行开业前审计。
  3. 开业申请。 提交开业申请书、验收合格意见、拟任董事与高管任职资格核准材料、开业前审计与验资证明、母行保证书（分行适用）及营业场所证明。外商独资银行须领取金融许可证、向市场监督管理部门登记，并自开业批准之日起六个月内开业（最长可延期三个月）。

代表处审批为单阶段，由国家金融监督管理总局或属地局决定，六个月内须作出决定；代表处须自批准设立之日起六个月内迁入固定办公场所，否则批准决定失效。

延伸阅读

  • 姊妹篇：金融服务与金融科技牌照概览。
  • 姊妹篇：金融业开放措施概览。
  • 姊妹篇：合格境外有限合伙人（QFLP）私募股权。

上述姊妹篇涵盖相邻主题；本文严格聚焦于外资银行的设立与牌照路径。

Sources

Financial License / 金融牌照

QFLP in 2026: How Foreign Capital Sets Up an Onshore RMB Private Equity Fund in China

  • QFLP turns offshore capital into onshore RMB fund and equity investment, via a qualification approval and an FX supervision procedure.
    QFLP经资格审批与外汇资金监管程序，将境外资本兑换为人民币，投资境内基金与股权。
  • Two tiers: a pilot fund management enterprise plus the pilot fund; both may be wholly foreign-owned.
    两层结构：试点基金管理企业与试点基金，均可外商独资设立。
  • No national measure exists; thresholds and quotas are local, and 2026 brought new rules in Shaanxi, Liuzhou, Wenzhou and Shanghai.
    无统一全国办法，门槛与额度由地方设定；2026年陕西、柳州、温州、上海密集出台新规。
  • Shaanxi’s bar: RMB 100m filed fund scale, five years’ record for new managers, USD 5m net assets and a USD 1m ticket for offshore LPs.
    陕西门槛：备案规模1亿元，新设管理人5年经历，境外LP净资产500万美元、单笔100万美元。
  • Deadlines: six months to register, twelve to obtain AMAC manager registration, twelve more to file a first fund.
    时限：6个月完成登记，12个月取得中基协管理人登记，再12个月完成首只基金备案。
  • Permitted: unlisted equity, private placements, mezzanine, distressed assets. Barred: secondary-market trading, derivatives, non-self-use real estate.
    可投非上市股权、定向发行、夹层与不良资产；禁止二级市场交易、衍生品与非自用不动产。

QFLP in 2026: How Foreign Capital Sets Up an Onshore RMB Private Equity Fund in China | 2026年QFLP试点全解：境外资本如何在中国设立境内人民币私募股权基金

Why QFLP Is the Practical Door for Foreign PE Capital

QFLP — Qualified Foreign Limited Partner — lets offshore individuals and institutions join a pilot fund: clear a qualification approval and an FX supervision procedure, convert offshore capital into RMB, invest onshore. It is a licence, not a portfolio channel.

The Two-Tier Structure

The pilot fund management enterprise sponsors and manages the business; the pilot fund raises money non-publicly from qualified onshore and offshore investors and invests mainly in unlisted equity. Together they are the pilot enterprises — corporate or partnership form, wholly or partly foreign-owned.

A Local Pilot, Not a National Licence: the 2026 Map

LocalityInstrumentDate
Shaanxi FTZ7 depts, 陕金办发〔2026〕35号Apr 2026
Shanghai沪府办发〔2026〕8号29 May 2026
Liuzhou6 depts, municipal measures30 Jun 2026
WenzhouMunicipal measures, 3-year validity1 Jul 2026

Shaanxi implements MOFCOM’s services-opening pilot plan (商资函〔2025〕84号). Wenzhou repealed its 2022 guidelines and encourages Hong Kong SAR and Macao SAR institutions and individuals to set up managers there. Shanghai adds “one-window acceptance”, QFII refinement and QDLP quota recycling.

Who Qualifies: Manager Track and LP Track

Shaanxi’s FTZ measures are the model; others differ.

  • AMAC-registered manager: sound governance, no judicial or regulatory penalty in three years, not on the dishonesty roster, filed fund scale ≥ RMB 100m, offshore fundraising capability.
  • New manager: controlling shareholder, actual controller or executive partner with 5+ years in fund management; 2+ senior managers, one a core decision-maker, with 5+ years in equity investment.
  • Offshore LP: net assets USD 5m; minimum ticket USD 1m.
  • Onshore institutional LP: net assets RMB 10m; minimum RMB 1m.
  • Individual LP: financial net assets RMB 3m plus financial assets RMB 5m, or three-year average income RMB 500,000; minimum RMB 1m.

The fund sits inside the FTZ; the manager faces no location restriction. A QFLP may land as a fund alone, and one raising only offshore needs no AMAC filing.

Approval Workflow, Quota Letter and Deadlines

Apply through the proposed manager or fund to the local financial administration department, which recommends to the provincial financial office; that office consults joint consultation member units, holds a joint consultation meeting and issues a written opinion specifying the pilot quota. A new entity pre-files its name, then registers with that opinion; name and scope must show “private fund” or “venture capital”. Registration must finish within six months; missing AMAC manager registration within twelve months, or a first fund filing within twelve months of that registration, revokes the qualification.

Where the Fund May and May Not Invest

PermittedProhibited
Unlisted-company equitySectors closed to foreign investment
Listed shares via private placement, block trade, agreement transferSecondary-market shares and corporate bonds
Rights issues as an original shareholderFutures and financial derivatives
Onshore PE and VC fundsNon-self-use real estate
Mezzanine, private debt, distressed assetsLoans or guarantees to non-portfolio companies

Managers may not conduct private lending, guarantees, factoring, pawnbroking, financial leasing, online lending intermediation, crowdfunding or off-exchange margin financing. Investment must follow the dynamically adjusted *Foreign Investment Access Negative List* and its FTZ edition; outside it, domestic and foreign capital are treated alike. No offshore investment without approval.

Custody, Quarterly Reporting and Supervision

A commercial bank with fund-custody qualifications must be appointed; it checks the authenticity and compliance of fund use, monitors in real time and runs anti-fraud and anti-money-laundering checks at liquidation. The manager reports quarterly to the provincial financial office, the local regulator, the PBOC branch and the SAFE branch on operations, equity changes, document amendments and management changes.

Exit, Repatriation and Quota Flexibility

Exits: transfer to another investor; buy-back by the portfolio company or its shareholders; public listing onshore or offshore; other lawful methods. Distribution and liquidation follow the fund contract, articles or partnership agreement; repatriation must comply with FX rules. Salary and other lawful income of foreign employees and of employees from the Hong Kong SAR, the Macao SAR and the Taiwan region may be freely remitted. Offshore principal across funds may not exceed the approved total, but a sponsor with several funds may reallocate that scale at will.

The 2026 Policy Tailwind

The *Action Plan for Stabilizing and Optimizing Foreign Investment* (商资发〔2026〕97号, 16 June 2026) supports treasury bond futures and other risk tools for foreign institutions, fund investment advisory business, cross-border financing facilitation quotas for key foreign-invested enterprises, “document preparation on behalf of clients” settlement services, better pre-filing communication for exchange listings, and — item (4) — foreign equity-investment institutions acting as strategic investors in securities offerings by listed companies in unrelated industries. Shanghai’s 23 July 2026 technology-finance measures deepen the QFLP pilot, promote “foreign investment under domestic management” and explore offshore RMB for onshore innovation; Shanghai has drawn 108 institutions and about RMB 56 billion onshore.

Related Reading

See also our fintech and financial-licence overview (No. 44) and financial-sector opening measures (No. 55).

2026年QFLP试点全解：境外资本如何在中国设立境内人民币私募股权基金

为何QFLP是外资私募股权资本的现实通道

QFLP——合格境外有限合伙人——允许境外自然人与境外机构投资者参与投资试点基金：通过资格审批和外汇资金监管程序，将境外资本兑换为人民币资金投向境内，属牌照化路径而非组合投资渠道。

两层结构

试点基金管理企业发起并受托管理股权投资业务；试点基金以非公开方式向境内外合格投资者募集，主要投资于非公开交易企业股权。二者合称试点企业，可采用公司制、合伙制，可外商独资或非独资发起。

地方试点而非全国牌照：2026年版图

地区文件时间
陕西自贸试验区七部门，陕金办发〔2026〕35号2026年4月
上海沪府办发〔2026〕8号2026年5月29日
广西柳州6部门，市级试点办法2026年6月30日
浙江温州市级试点办法，有效期三年2026年7月1日施行

陕西办法落实商务部《关于加快推进服务业扩大开放综合试点工作方案》（商资函〔2025〕84号）。温州废止2022年旧指引，鼓励中国香港、中国澳门地区的机构和自然人在当地设立基金管理企业。上海完善主体设立”一口受理”、优化QFII、提高QDLP额度使用效率。

谁有资格：管理人路径与LP路径

以陕西自贸试验区办法为范本，各地不一。

  • 已登记管理人： 治理结构健全、近三年未受司法机关和监管机构处罚、未列入严重违法失信名单，备案基金规模不低于1亿元人民币，具备境外募资能力。
  • 新设管理人： 控股股东、实际控制人或执行事务合伙人具5年以上基金管理经历；至少两名高管（含核心投资决策人员）具5年以上股权投资经历。
  • 境外机构投资者： 净资产不低于500万美元，单笔不低于100万美元。
  • 境内机构投资者： 净资产不低于1000万元，单笔不低于100万元人民币。
  • 个人投资者： 金融净资产不低于300万元且金融资产不低于500万元，或近三年年均收入不低于50万元；单笔不低于100万元人民币。

试点基金注册地须在自贸试验区内，管理企业不作注册地限制；可以试点基金形式独立落地；仅在境外募集资金的，中基协备案暂不做强制性要求。

审批流程、额度意见书与时限

通过拟设立的试点基金管理企业或试点基金，向所在地地方金融管理部门申请，由其形成推荐意见报省级金融办；省级金融办征求联合会商成员单位意见、召开联合会商会议，出具书面意见并明确试点额度。新设企业须先办理企业名称预先申报，再持会商意见书办理营业执照登记，名称和经营范围应标明”私募基金””创业投资”等字样。企业登记须在6个月内办结，过期须重新申请；登记注册起12个月内未取得中基协管理人登记，或登记为管理人起12个月内未完成首次募集备案的，取消试点资格。

投资范围与禁区

可以投不得投／不得做
非上市公司股权国家禁止外商投资领域
上市公司定向发行、大宗交易、协议转让的普通股二级市场股票和企业债券交易
作为原始股东参与配股期货等金融衍生品交易
境内私募股权／创业投资基金非自用不动产
夹层投资、私募债、不良资产向非被投企业提供贷款或担保

管理企业不得从事民间借贷、担保、保理、典当、融资租赁、网络借贷信息中介、众筹、场外配资等业务。投资须遵守动态调整的《外商投资准入特别管理措施（负面清单）》及自贸试验区版清单；清单以外按内外资一致原则管理。未经批准不得在境外投资。

托管、季度报告与穿透式监管

须委托具备资金托管资质的商业银行作为托管银行，审查资金使用真实性合规性、实时监控，并在项目清算时开展反欺诈反洗钱核查。试点基金管理企业须按季度向省级金融办、地方金融监管部门、人民银行分行、外汇局分局报告投资运作、股权结构变更、重要法律文件修改、董监高变动等事项。

退出、汇出与额度调剂

退出方式：股权转让给其他投资者；由所投企业或其股东按股权回购协议回购；所投企业在境内外证券市场公开上市；法律法规允许的其他方式。利润分配或清算按基金合同、公司章程或合伙协议约定，收益汇出境外须符合国家外汇管理规定。外籍员工及中国香港、中国澳门、中国台湾地区员工的工资收入和其他合法收入可依法自由汇出。各基金境外汇入本金之和不得超过核准总规模，但发起多只试点基金的可自主在各基金之间灵活调剂募资规模。

2026年的政策顺风

《利用外资固稳促优行动方案》（商资发〔2026〕97号，2026年6月16日印发）提出：支持外资机构利用包括国债期货在内的风险管理工具、依法开展基金投资顾问业务；为重点外资企业提供跨境融资便利化额度；引导境内银行推出”代客制单“国际结算单证服务；优化交易所上市申报前预沟通。第（四）条还允许符合条件的外资股权投资机构以战略投资者身份参与非相关行业上市公司证券发行。上海2026年7月23日科技金融措施进一步深化QFLP试点，推广”外资内管“模式，探索引入境外离岸人民币支持境内科技创新；上海已累计吸引108家机构参与，境内投资约560亿元人民币。

相关阅读

可参阅本站金融科技与金融牌照总览（编号44）及金融业开放措施一文（编号55）。

Sources

Capital & Cross-border / 资金跨境

Unified Rules for Outbound Lending by Domestic Enterprises (2026): What FIEs with Overseas Units Need to Know

  • The PBoC and SAFE issued the *Administrative Measures for Outbound Lending by Domestic Enterprises* (Yin Fa [2026] No. 63), effective 20 April 2026, unifying RMB and FX outbound lending under one rulebook.
    中国人民银行、国家外汇管理局印发《境内企业境外放款管理办法》（银发〔2026〕63号），自2026年4月20日起施行，将人民币与外币境外放款统一于同一规则框架。
  • Outbound lending is brought into a unified RMB-FX macro-prudential framework; the balance cap equals the lender’s latest audited owner’s equity multiplied by a coefficient raised from 0.5 to 0.6.
    境外放款纳入本外币一体化宏观审慎管理，余额上限=放款人最近一期经审计所有者权益×宏观审慎调节系数（由0.5上调至0.6）。
  • A currency-conversion factor of 0.5 is applied to FX balances, with a “RMB first” tilt to encourage lending in RMB and support currency internationalisation.
    外币余额适用0.5的币种转换因子，并设置”本币优先”导向，鼓励以人民币开展境外放款，支持人民币国际化。
  • Only a domestic non-financial enterprise with at least one year of good operating history, and an equity link to the overseas borrower, may lend; funds must be the lender’s own capital, not debt-financed.
    放款人须为依法注册成立1年以上、经营记录良好的境内非金融企业，且与境外借款人存在直接或间持股关系；资金须为自有资金，不得借债出资。
  • Registered lending amounts must be used within two years; the term is normally 6 months to 5 years, with at most one extension, and overdue borrowers are barred from new lending.
    已登记放款金额须在2年内使用；期限原则上6个月至5年，展期原则上不超过一次，逾期借款人不得新增放款。
  • Foreign-invested enterprises with overseas subsidiaries can fund them more cheaply and predictably, while legacy rules (Hui Fa [2009] No. 24, Yin Fa [2016] No. 306, Yin Fa [2021] No. 2) are repealed.
    拥有境外子公司的外商投资企业可更低成本、更可预期地为其供资，同时旧规（汇发〔2009〕24号、银发〔2016〕306号、银发〔2021〕2号）被废止。
  • Registration is filed at the SAFE branch where the lender is registered, with the handling bank performing due diligence, consistency checks and data reporting.
    登记向放款人注册地外汇局分局申请，经办银行履行尽职调查、一致性审查与数据报送义务。

Unified Rules for Outbound Lending by Domestic Enterprises (2026): What FIEs with Overseas Units Need to Know | 境内企业境外放款统一管理新规（2026）：外资企业须知

Why this matters now

When a Chinese subsidiary of a foreign group needs to fund an overseas affiliate — to stock inventory, bridge a working-capital gap, or seed a new venture — it typically uses outbound lending (境外放款). Until 2026, RMB and FX outbound lending were governed by separate, older notices with differing rules on funding source, tenor and extension. On 13 March 2026 the People’s Bank of China (PBoC) and SAFE jointly issued the *Administrative Measures for Outbound Lending by Domestic Enterprises* (Yin Fa [2026] No. 63), published on 20 March and effective 20 April 2026. The Measures unify the two currencies under one “same business, same rules” framework, lift the macro-prudential coefficient, and give foreign-invested enterprises (FIEs) a clearer, cheaper channel to support their cross-border groups.

For an FIE treasury, the change is material: a single, predictable rulebook for moving RMB or FX to an affiliated overseas entity, a higher aggregate ceiling, and explicit encouragement to lend in RMB. It sits on the outbound side of cross-border capital, complementing — but clearly distinct from — external-debt and cash-pooling regimes.

What the Measures unify

The Measures define outbound lending as a domestic non-financial enterprise (the “lender”) providing cross-border financing to a qualified overseas enterprise (the “borrower”) under a contract specifying amount, rate, term and use. The core reform is consolidation: the old RMB notice (Yin Fa [2016] No. 306) and the old FX notice (Hui Fa [2009] No. 24), plus the 2021 coefficient adjustment (Yin Fa [2021] No. 2), are all repealed and replaced by one text. Enterprises no longer juggle two playbooks; the same filing, account, and use rules apply regardless of currency.

Three pillars carry the reform. First, unified RMB-FX management: a lender runs one limit and one set of procedures for both currencies. Second, macro-prudential management: the outstanding balance ceiling is pegged to owner’s equity, and the coefficient is raised. Third, explicit prudential duties for banks and enterprises to keep risks contained.

The macro-prudential ceiling and the 0.5→0.6 lift

The outstanding outbound-lending balance ceiling equals the lender’s latest audited owner’s equity multiplied by the macro-prudential adjustment coefficient. The outstanding balance itself equals the sum of the lender’s RMB and FX outstanding balances plus the sum of its FX outstanding balances multiplied by a currency-conversion factor of 0.5. To better meet the cross-border operating needs of “going-out” enterprises, the coefficient was raised from 0.5 to 0.6, lifting the overall ceiling. PBoC and SAFE may adjust the coefficient and the conversion factor as the balance of payments and macro-control needs evolve.

The 0.5 conversion factor means FX balances count half-weight against the ceiling — a deliberate “RMB first” tilt that rewards lending in RMB and advances currency internationalisation. A group that lends in RMB therefore consumes less of its ceiling than one that lends in FX for the same nominal amount.

Who may lend, and how

Eligibility is tightened but sensible. The lender must be a domestic non-financial enterprise, legally established for at least one year, with a sound operating record, sound finance and internal controls, and no major violations in the past three years. The borrower must be lawfully established with a sound record and no major violations. Crucially, the lender and borrower must share a direct or indirect equity relationship, or be held by the same parent. The lender’s outstanding balance must be within its ceiling, the loan rate and term must be commercially reasonable (term normally 6 months to 5 years), and any prior lending must have been repaid on time or have a justified reason for delay.

Funds must be the lender’s own capital — own RMB, own FX, or RMB purchased for the loan — and must not come from personal funds or from the lender’s own debt financing. Use is restricted: not outside the borrower’s business scope, not to circumvent overseas direct investment or securities-investment controls, and not for money-laundering, terrorist-financing or tax-evasion purposes.

Registration, accounts and the bank’s role

Registration is filed at the SAFE branch where the lender is registered, before the first drawdown, and registered amounts must be used within two years (unused portions lapse). Changes, extensions and cancellations follow defined paths — some cancellations can be done at the handling bank. The lender opens a dedicated outbound-lending account (RMB and/or FX) at a bank in the SAFE branch’s jurisdiction; multiple loans may share one account.

The handling bank is on the front line: it reviews the source of funds for authenticity and compliance, checks the business against SAFE’s capital-account system, and ensures cumulative outflows do not exceed the registered amount and that repatriations are reasonable. Both the lender and the bank must report balance-of-payments, account, FX-settlement and RMB cross-border (RCPMIS) data accurately and on time.

Operational steps for an FIE group

  1. Map the group. Identify the domestic entity best placed to lend and confirm an equity link (direct/indirect, or common parent) to the overseas borrower.
  2. Size the ceiling. Pull the latest audited owner’s equity; multiply by 0.6 to get the ceiling, then net out any existing RMB/FX outbound balances (FX at 0.5 weight).
  3. Choose the currency deliberately. Because FX counts half-weight, prefer RMB where the borrower can use it, to preserve ceiling headroom.
  4. Prepare the package. Draft the loan agreement (amount, rate, term, currency, repayment, use) and gather incorporation and ownership proofs and audited financials.
  5. File at SAFE, draw at the bank. Register at the lender’s local SAFE branch, then open the dedicated account and draw through the handling bank within the two-year window.
  6. Monitor and report. Track repayment; if overdue, no new lending to that borrower. Keep RCPMIS and balance-of-payments filings current.

Risks and compliance notes

The higher coefficient is a convenience, not a free pass. Lending must stay within the equity-based ceiling and respect the truthful-use and no-debt-funding rules; related-party pricing should be defensible. Overdue loans block new lending to the same borrower, and the handling bank will suspend outbound transfers for an overdue borrower. Cross-border guarantees that crystallise into external claims (e.g., inbound guarantees performed) also count toward the ceiling. Multinational cash-pool and centralized-operation outbound lending follow their own rules and are carved out. Penalties under the PBoC Law and FX Regulations apply for unregistered lending, false filings, or misuse of funds. FIEs should reconcile legacy registrations: the Measures mainly govern new business, with a transition window for存量 matters.

境内企业境外放款统一管理新规（2026）：外资企业须知

为何当下重要

当外国集团的境内子公司需要为境外关联企业供资——补充存货、弥合营运资金缺口或孵化新业务——通常会使用境外放款。在2026年之前，人民币与外币境外放款分别由较早出台、规则各异的通知管理，在资金来源、期限与展期上要求不一。2026年3月13日，中国人民银行与国家外汇管理局联合印发《境内企业境外放款管理办法》（银发〔2026〕63号），3月20日公布、4月20日施行。该办法将两种货币统一于”相同业务、相同规则”的单一框架，上调宏观审慎系数，并为外商投资企业提供更清晰、更低成本的跨境集团供资渠道。

对于外资企业财资而言，变化是实质性的：一套可预期的规则，即可向境外关联企业调出人民币或外币；更高的整体上限；并明确鼓励以人民币放款。它处于跨境资本的”出境”一侧，与入境外债、资金池制度互补但明显不同。

办法统一了什么

办法将境外放款定义为境内非金融企业（”放款人”）按合同约定金额、利率、期限、用途等，向符合条件的境外企业（”借款人”）提供资金跨境融通的行为。核心改革是整合：旧人民币通知（银发〔2016〕306号）、旧外币通知（汇发〔2009〕24号）以及2021年系数调整（银发〔2021〕2号）一并废止，由一份文本取代。企业不再 juggling 两套规则，无论币种，适用同一备案、账户与用途规则。

改革由三根支柱支撑。其一，本外币统一管理：放款人针对两种货币运行同一上限与同一套流程。其二，宏观审慎管理：余额上限与所有者权益挂钩，系数上调。其三，明确银行与企业的审慎职责以控制风险。

宏观审慎上限与0.5→0.6上调

境外放款余额上限=放款人最近一期经审计所有者权益×宏观审慎调节系数。境外放款余额=放款人本外币境外放款余额之和＋放款人外币境外放款余额之和×币种转换因子（0.5）。为更好满足”走出去”企业跨境运营资金需求，系数由0.5上调至0.6，整体抬高上限。人民银行、外汇局可根据国际收支形势及宏观调控要求适时调整系数与转换因子。

0.5的转换因子意味着外币余额按半权重计入上限——这是刻意设置的”本币优先”导向，奖励以人民币放款、推进人民币国际化。因此，以人民币放款的集团，相较以同等名义金额外币放款的集团，消耗的上限更少。

谁可以放款，如何操作

准入被收紧但合情合理。放款人须为境内非金融企业，依法注册成立1年以上，经营记录良好，财务与内控制度健全，近3年无重大违法违规。借款人须依法成立、经营记录良好、近3年无重大违法违规。关键在于，放款人与借款人须存在直接或间持股关系，或受同一母公司直接或间持股。放款人余额须未超上限，利率与期限须具商业合理性（期限原则上6个月至5年），且既有放款须按期足额收回或逾期有正当理由。

资金须为放款人自有资金——自有人民币、自有外币或购汇资金——不得来自个人资金或放款人自身债务融资。用途受限：不得超出借款人经营范围，不得规避境外直接投资或证券投资管理政策，不得违反反洗钱、反恐融资、反逃税规定。

登记、账户与银行职责

登记在放款人注册地外汇局分局办理，于首次放款前完成，已登记金额须在2年内使用（未汇出部分自动失效）。变更、展期、注销各有明确路径——部分注销可在经办银行办理。放款人在外汇局分局辖区内银行开立境外放款专用账户（人民币及/或外币），多笔放款可共用一个账户。

经办银行处于第一线：对资金来源真实性、合规性尽调，对照外汇局资本项目系统做一致性审查，确保累计汇出不超登记金额、汇入规模合理。放款人与银行均须及时准确报送国际收支、账户、结售汇及人民币跨境收付（RCPMIS）数据。

外资集团的操作步骤

  1. 梳理集团。 确定最适合放款的境内主体，并确认与境外借款人的持股关联（直接/间接或同一母公司）。
  2. 测算上限。 提取最近一期经审计所有者权益，乘以0.6得上限，再扣除既有本外币境外放款余额（外币按0.5权重）。
  3. 审慎选择币种。 因外币半权重，借款人可用时优先选人民币，以保留上限空间。
  4. 备齐材料。 拟定贷款协议（金额、利率、期限、币种、还本付息、用途），准备成立与持股证明及经审计财报。
  5. 外汇局登记、银行提款。 向放款人所在地外汇局分局登记，再开专用账户，在2年窗口内经经办银行提款。
  6. 监控与报送。 跟踪还本；一旦逾期，不得对该借款人新增放款；保持RCPMIS与国际收支申报及时。

风险与合规提示

系数上调是便利而非通行证。放款须守住基于所有者权益的上限，遵守真实自用与不得借债出资规则；关联交易定价应可抗辩。逾期贷款阻断对该借款人新增放款，经办银行将暂停其 outbound 划转。履约形成对外债权的跨境担保（如内保外贷履约）亦计入上限。跨国公司本外币一体化资金池及跨境资金集中运营项下的境外放款另循其规，被明确排除。对未登记放款、材料不实或资金挪用，依《人民银行法》《外汇管理条例》处罚。外资企业应对接存量登记：办法主要规范新增业务，并为存量事项预留过渡期。

Sources

Capital & Cross-border / 资金跨境

External-Debt Registration Moves to Banks: China’s 2026 Foreign-Debt Facilitation Wave

  • In 2026, SAFE branch offices in Guangdong, the China (Heilongjiang) Free Trade Zone and Chongqing moved external-debt signing (and change) registration for non-financial enterprises from the administration to banks, cutting the “shoe-leather cost” of borrowing abroad.
    2026年，外汇局广东、中国（黑龙江）自由贸易试验区、重庆等分局将非金融企业外债签约（及变更）登记由外汇局下放至银行办理，降低了企业借入外债的”脚底成本”。
  • Guangdong’s revised implementing rules took effect on 15 June 2026; by end-May 2026 banks in the province had handled over 1,300 external-debt registrations worth more than USD 19 billion.
    广东修订后的实施细则于2026年6月15日施行；截至2026年5月末，全省银行已办理外债签约（变更）登记超1300笔，签约金额超190亿美元。
  • In the China (Heilongjiang) Free Trade Zone, qualified non-financial enterprises choosing the full-calibre cross-border financing macro-prudential mode may register external debt directly at a bank from 12 May 2026.
    在中国（黑龙江）自由贸易试验区内，选择全口径跨境融资宏观审慎模式借入外债的合格非金融企业，自2026年5月12日起可直接在银行办理外债登记。
  • Chongqing finalized its bank-handled external-debt registration rules (Yu Hui Fa [2026] No. 10) after a public consultation that closed on 20 April 2026, building on a pilot running since May 2024.
    重庆在2026年4月20日截止的公开征求意见后正式出台银行办理外债登记实施细则（渝汇发〔2026〕10号），此前自2024年5月起已开展试点。
  • At the 17 July 2026 State Council Information Office press conference, SAFE signalled a further “package” of cross-border investment and financing facilitation measures, including a nationwide green external-debt pilot and a broader cross-border financing facilitation scope.
    在2026年7月17日国务院新闻办新闻发布会上，外汇局释放了进一步”一揽子”跨境投融资便利化政策信号，包括全国推广绿色外债试点、扩大跨境融资便利化适用范围。
  • Foreign-invested enterprises benefit directly: external debt is a core inbound funding channel, and bank-handled registration shortens the time-to-funds and supports working-capital and expansion needs.
    外商投资企业是直接受益者：外债是核心的入境融资渠道，登记下放银行缩短了资金到位时间，支持营运资金与扩张需求。
  • The liberalisation stays ring-fenced: banks must perform due diligence, and enterprises must still meet the full-calibre macro-prudential leverage cap and truthful-use requirements.
    开放仍设防火墙：银行须履行展业尽调，企业仍须满足全口径宏观审慎杠杆上限与真实自用要求。

External-Debt Registration Moves to Banks: China’s 2026 Foreign-Debt Facilitation Wave | 外债登记下放银行：中国2026年外债便利化新政

Why this matters now

For a foreign-invested enterprise (FIE) in China, external debt — borrowing from an overseas related party or the open market — is one of the most flexible ways to bring cheap foreign currency onshore. Historically, every external-debt signing or change had to be registered in person at the local branch of the State Administration of Foreign Exchange (SAFE). In 2026, a clear deregulatory wave has pushed that registration down to banks, turning a multi-day administrative errand into a same-bank counter transaction. Three jurisdictions led the charge in the first half of 2026 — Guangdong province, the China (Heilongjiang) Free Trade Zone, and Chongqing municipality — and SAFE has publicly signalled that more is coming.

The timing is not accidental. At the State Council Information Office press conference on 17 July 2026, SAFE’s Capital Account Management Department outlined a fresh “package” of cross-border investment and financing facilitation measures, explicitly naming the expansion of cross-border financing facilitation to more entities and a nationwide green external-debt pilot. For treasurers planning 2026 funding, the message is that China is steadily widening the inbound-debt channel while keeping leverage guardrails intact.

What “external-debt registration by bank” actually means

Under the full-calibre cross-border financing macro-prudential framework, a non-financial enterprise’s external-debt quota is linked to its equity (net assets). Before these 2026 pilots, an enterprise that signed a new external-debt contract, or amended an existing one (amount, term, rate, or parties), filed a registration with the SAFE branch where it is registered. The bank-handled model lets a qualified enterprise submit the same filing through its designated bank, which reviews and records it under SAFE’s rules. The enterprise no longer needs to visit the administration for routine signing and change registrations; only certain items remain with SAFE.

This is distinct from the cross-border cash-pooling regimes covered elsewhere on this portal. Cash pooling centralises balances and quotas across group members; external-debt registration reform streamlines the act of borrowing itself. Both reduce friction, but they solve different problems — one is about moving money, the other about the permission to owe it.

Guangdong: a province-wide rollout

On 15 May 2026, the SAFE Guangdong branch revised its *Implementing Rules for Banks Handling Non-Financial Enterprises’ External-Debt Signing (Change) Registration* (hereinafter the “Rules”), which took effect on 15 June 2026. The earlier attachment 4 of the Guangdong cross-border trade and investment high-level opening pilot was repealed on the same day, unifying the standard.

Guangdong is the largest live laboratory for this reform. According to the branch, by end-May 2026 banks in its jurisdiction had cumulatively handled more than 1,300 external-debt signing (change) registrations, with a total signed amount exceeding USD 19 billion. Enterprises report that after the work moved to banks, the cycle shortened materially and funds arrived faster, directly supporting project operation and capacity expansion. The revised Rules standardise handling, clarify how to query the remaining cross-border financing risk-weighted balance, and set out异议 disposal and risk-control duties — all while keeping the cross-border financing risk bottom line.

Heilongjiang FTZ: a pilot built for the zone

On 12 May 2026, the SAFE Heilongjiang branch issued the *Notice on Piloting Bank-Direct External-Debt Foreign-Exchange Registration in the China (Heilongjiang) Free Trade Zone*. Qualified non-financial enterprises registered in the zone that choose the full-calibre cross-border financing macro-prudential mode to borrow external debt may, under the rules, complete the relevant registration directly at a bank.

The notice tasks banks with building internal controls, defining handling conditions, review points and risk controls, and tasks sub-branches with forwarding, monitoring and ex-post supervision. For an FIE inside the Heilongjiang FTZ — a corridor increasingly relevant to Northeast Asia supply chains — this removes a structural delay in funding an overseas-parent loan.

Chongqing: from pilot to formal rules

Chongqing’s path was incremental. Since May 2024, with SAFE’s approval, the Chongqing branch has run a pilot allowing qualified non-financial enterprises registered in the municipality to have their external-debt signing (change) registrations handled directly by banks. On 19 March 2026 the branch published a draft *Implementing Rules for Banks Handling Non-Financial Enterprises’ External-Debt Signing (Change) Registration* for public comment, with a deadline of 20 April 2026. The finalized rule was issued as Yu Hui Fa [2026] No. 10, confirming the move from a pilot to a standing, codified regime. The branch noted the pilot had produced positive feedback from enterprises and banks and aimed to raise accuracy and convenience.

The bigger 2026 liberalisation signal

The provincial moves are the visible edge of a national push. At the 17 July 2026 press conference, SAFE described three planned tracks: raising direct-investment convenience (simpler capital-account settlement and payment for FIEs), expanding cross-border financing openness (broadening the cross-border financing facilitation scope, a nationwide green external-debt pilot, and refined macro-prudential management so enterprises can allocate cross-border funds more flexibly), and optimising capital-account registration (moving more registrations to banks and adding “online” capital-account services to lower the shoe-leather cost). The external-debt bank-registration wave is the most concrete piece already in force.

Operational steps for an FIE

  1. Confirm the mode. Most FIEs borrow under the full-calibre cross-border financing macro-prudential framework; confirm the group’s net-asset-based quota headroom before signing.
  2. Check the jurisdiction. If the borrowing entity sits in Guangdong, the Heilongjiang FTZ, or Chongqing, bank-handled registration applies; elsewhere, file at the local SAFE branch unless a local pilot covers you.
  3. Prepare the contract package. Have the loan agreement (amount, rate, term, currency, repayment) and the related-party/ownership evidence ready; the bank will review these against the framework.
  4. File through the bank. Submit the signing (or change) registration at the designated bank; retain the registration certificate for drawdown and repayment.
  5. Draw down and report. The bank handles the FX and cross-border payment subject to the registered amount; ensure timely balance-of-payments and relevant account reporting.
  6. Plan renewals. Track the quota and the registration lifecycle so amendments (rate, term, parties) go through the same streamlined bank channel.

Risks and compliance notes

Bank-handled does not mean bank-approved at the expense of the rules. Banks must perform due diligence on fund source and use and run consistency checks against SAFE’s capital-account system; the enterprise remains responsible for truthful use and for staying within the macro-prudential leverage cap. Real-estate, platform-affiliated or leveraged structures should confirm they are not caught by exclusions, and related-party loans must still satisfy arm’s-length pricing. Enterprises should also keep documentation supporting the genuine business need, since SAFE retains ex-post supervision and on-site inspection powers.

外债登记下放银行：中国2026年外债便利化新政

为何当下重要

对于中国的外商投资企业而言，外债——向境外关联方或公开市场借入资金——是最灵活的入境融资方式之一。历史上，每一笔外债签约或变更都须由企业派人到所在地外汇局办理登记。2026年，一轮清晰的解绑浪潮将此项登记下放至银行，把原本数日的行政事务变成在银行柜面的同台办理。2026年上半年，广东、中国（黑龙江）自由贸易试验区、重庆三地率先推进；外汇局也公开释放了更多举措将至的信号。

时点并非偶然。在2026年7月17日国务院新闻办新闻发布会上，外汇局资本项目管理司介绍了新一轮”一揽子”跨境投融资便利化措施，明确提及扩大跨境融资便利化适用范围、全国推广绿色外债试点。对于规划2026年融资的财资负责人，信号很明确：中国在拓宽入境外债渠道的同时，仍保留杠杆防火墙。

“外债登记由银行办理”究竟指什么

在全口径跨境融资宏观审慎框架下，非金融企业的外债额度与其净资产挂钩。在此前试点中，企业签订新外债合同或变更既有合同（金额、期限、利率或主体）时，须向注册地外汇局办理登记。银行办理模式允许合格企业向指定银行提交同一备案，由银行依外汇局规则审核并记录，企业不再就日常签约与变更登记跑外汇局，仅少数事项仍保留在外汇局。

这与本门户另文所述的跨境资金池制度不同。资金池是统筹集团成员间的余额与额度；外债登记改革则是简化”借入”这一行为本身。两者都降低摩擦，但解决的问题不同——一个是资金移动，一个是”可以负债”的许可。

广东：全省推广

2026年5月15日，外汇局广东省分局修订《银行办理非金融企业外债签约（变更）登记业务实施细则》（以下简称《细则》），于2026年6月15日施行；原跨境贸易投资高水平开放试点附件4同日废止，标准由此统一。

广东是此项改革最大的实景实验室。据该分局披露，截至2026年5月末，辖内银行累计办理外债签约（变更）登记超1300笔，累计签约金额超190亿美元。企业普遍反映，下放银行后办理周期明显缩短、资金到位加快，直接保障了项目运营与扩产需求。《细则》统一了办理标准，明确了尚可跨境融资风险加权余额的查询要求及异议处置流程，并细化风控要求，同时严守跨境融资风险底线。

黑龙江自贸区：为片区量身定制的试点

2026年5月12日，外汇局黑龙江省分局发布《关于中国（黑龙江）自由贸易试验区开展外债外汇登记由银行直接办理试点的通知》。注册在黑龙江自贸试验区内、选择全口径跨境融资宏观审慎模式借入外债的合格非金融企业，可按规定直接在银行办理相关登记手续。

通知要求银行完善内控制度、明确办理条件、审核要点与风控措施；各地市分局须转发辖内银行、跟踪业务、加强事中事后监管并做好政策宣讲。对于落在黑龙江自贸区内、日益连接东北亚供应链的外商投资企业，此举消除了境外母公司贷款融资中的结构性延迟。

重庆：从试点到正式规则

重庆的路径是渐进式的。自2024年5月经外汇局批复同意，重庆市分局即推进银行办理企业外债登记试点，允许辖内注册的合格非金融企业外债签约（变更）登记直接由银行办理。2026年3月19日，该分局公布《银行办理非金融企业外债签约（变更）登记业务实施细则（征求意见稿）》公开征求意见，截止日为2026年4月20日。最终规则以渝汇发〔2026〕10号印发，标志着从试点走向常态化、成文化的制度。该分局表示试点已取得企业与银行的积极反馈，旨在进一步提升准确度与便捷度。

更大的2026年开放信号

地方动作是全国推进的可见前沿。在2026年7月17日发布会上，外汇局勾勒了三条计划中的轨道：提升直接投资便利化（简化外资企业资本项目结汇支付手续）、扩大跨境融资高水平开放（拓展跨境融资便利化适用范围、全国推广绿色外债试点、优化跨境融资宏观审慎管理以使企业更灵活调配资金）、优化资本项目业务登记管理（将更多登记改由银行直接办理、增加资本项目”网上办”种类以降低脚底成本）。外债银行登记浪潮，正是其中已落地生效最具体的一块。

外资企业的操作步骤

  1. 确认模式。 多数外商投资企业按全口径跨境融资宏观审慎框架借债，签约前先核对该集团基于净资产的额度空间。
  2. 核对属地。 若借款主体落在广东、黑龙江自贸区或重庆，适用银行办理登记；其他地区若无本地试点，则向所在地外汇局办理。
  3. 备齐合同材料。 准备好贷款合同（金额、利率、期限、币种、还本付息）及关联/持股证明，银行将据此对照框架审核。
  4. 通过银行备案。 向指定银行提交签约（或变更）登记，留存业务登记凭证用于提款与还本付息。
  5. 提款与报送。 银行在登记金额内办理资金汇兑与跨境支付；企业须及时完成国际收支及相应对外报送。
  6. 规划续期。 跟踪额度与登记生命周期，使变更（利率、期限、主体）走同一银行便捷通道。

风险与合规提示

“银行办理”不等于放松规则。银行须对资金来源与用途尽职审查，并与外汇局资本项目系统登记信息做一致性核对；企业仍对真实自用负责，并须守住宏观审慎杠杆上限。房地产、平台关联或高杠杆结构应确认未被排除条款覆盖，关联交易贷款仍须满足公允定价。企业还应保留支撑真实业务需求的证明材料，因为外汇局保留事中事后监管与现场检查权。

Sources

Capital & Cross-border / 资金跨境

Multinational CNY-FX Cross-Border Cash Pooling Goes Nationwide: What Foreign-Invested Groups Need to Know

  • The PBoC and SAFE have extended the pilot policy for cross-border centralized operation of domestic and foreign-currency funds by multinational corporations to the entire country, effective 14 September 2026.
    中国人民银行与国家外汇管理局已将跨国公司本外币跨境资金集中运营试点政策推广至全国，自 2026 年 9 月 14 日起施行。
  • A single “one-window” filing with the local SAFE branch, and certain change registrations handled by the cooperating bank, streamline the setup process.
    备案由主办企业所在地外汇局分局”一个窗口”对外办理，部分变更登记交由合作银行办理，简化了建池流程。
  • Eligibility thresholds are quantified: combined domestic members’ balance-of-payments scale of ≥ RMB 700 million equivalent, or combined domestic revenue ≥ RMB 1 billion plus overseas revenue ≥ RMB 200 million equivalent.
    建池门槛已量化：境内全部成员企业上年度国际收支规模合计≥等值 7 亿元人民币，或境内成员上年度营业收入合计≥10 亿元且境外成员上年度营业收入合计≥等值 2 亿元。
  • Free Trade Zone hosts enjoy a halved balance-of-payments threshold of ≥ RMB 350 million equivalent.
    主办企业注册在自由贸易试验区内的，国际收支门槛减半，即≥等值 3.5 亿元。
  • A minimum of three member entities (domestic and overseas combined) is required, with one qualified domestic legal-person entity designated as the host enterprise.
    成员企业境内外合计不少于 3 家，并须指定一家具独立法人资格的境内成员企业作为主办企业。
  • Groups may pool external debt and overseas lending quotas, freely set the centralized ratio, and manage both currencies in one account with net settlement for current-account items.
    集团可集中成员企业外债与境外放款额度，自主决定归集比例，使用同一账户管理本外币资金，并办理经常项目资金集中收付与轧差净额结算。
  • Banks, local-government financing vehicles and real-estate enterprises are excluded, except where a finance company serves as the host enterprise.
    金融机构、地方政府融资平台公司和房地产企业不得参与，但财务公司作为主办企业的除外。
  • The prior 2019 SAFE rule (Hui Fa [2019] No. 7) is repealed, and Article 3 of Hui Fa [2017] No. 3 no longer applies, clearing the path for the nationwide regime.
    此前 2019 年汇发 7 号文被废止，汇发〔2017〕3 号文第三条不再适用，为全国推广 regime 扫清障碍。

Multinational CNY-FX Cross-Border Cash Pooling Goes Nationwide: What Foreign-Invested Groups Need to Know | 跨国公司本外币跨境资金集中运营全国推广：外资集团须知

Overview

On 13 August 2026, the People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (SAFE) jointly issued the *Notice on Matters Concerning the Cross-Border Centralized Operation of Domestic and Foreign-Currency Funds by Multinational Corporations* (Yin Fa [2026] No. 163). The notice was published on 14 August 2026 and will take effect on 14 September 2026. Its central message is straightforward: the pilot policy allowing multinational corporations to centrally operate their domestic and foreign-currency cross-border funds is extended from selected pilot regions to the entire country.

For foreign-invested enterprises (FIEs) and foreign-invested multinational regional headquarters operating in China, the change removes a major geographic constraint. Previously, the integrated domestic and foreign-currency cash-pooling regime was available mainly in pilot areas such as Beijing and Guangdong since 2021. With nationwide coverage, eligible groups anywhere in China can now apply to set up a centralized cross-border fund operation structure under a unified rulebook.

Policy Background

China has progressively opened its cross-border capital management to facilitate genuine business needs of multinational groups. The concept of cross-border cash pooling for multinationals dates back to earlier pilots, and a dedicated framework—the *Administrative Provisions on Cross-Border Centralized Operation of Funds by Multinational Corporations* (SAFE Hui Fa [2019] No. 7)—governs the foreign-currency side. Starting in 2021, pilots for integrated domestic and foreign-currency centralized operation were launched in places such as Beijing and Guangdong, allowing participating groups to manage RMB and foreign exchange under a single structure.

A related milestone came on 14 December 2025, when the integrated domestic and foreign-currency cash pool was promoted nationwide. The 2026 notice builds on that trajectory by formally extending the integrated, centralized operation of both currencies—covering external debt, overseas lending, current-account receipts and payments, and net settlement—to the whole country under a refreshed regulatory foundation, and by repealing the 2019 provisions in the process.

Key Provisions

The notice sets out the substantive rights and obligations of participating groups:

  • Centralized quota management. Member enterprises’ external debt quotas and overseas lending quotas may be consolidated at the group level rather than being held separately by each entity.
  • Free choice of centralization ratio. The host enterprise may autonomously determine the proportion of funds to be pooled, rather than being bound by a fixed mandatory ratio.
  • Single-account management of both currencies. RMB and foreign-currency funds can be managed within the same account structure, advancing the integration of the two pools.
  • Current-account centralization and net settlement. Members may conduct centralized collection and payment of current-account funds, and may settle on a netted (offset) basis rather than on a gross transaction-by-transaction basis, reducing the number and volume of cross-border flows.
  • Single external window. Filing is handled through a “one-window” process at the local SAFE branch where the host enterprise is located, improving administrative efficiency.

These provisions directly lower the cost and complexity of intra-group cross-border fund management and support genuine trade and investment flows.

Eligibility

To establish a centralized cross-border fund operation arrangement, the multinational group must meet the following thresholds:

  • Balance-of-payments threshold. The combined balance-of-payments scale (in domestic and foreign currency) of all domestic member enterprises in the previous year must be no less than RMB 700 million equivalent.
  • Revenue alternative threshold. The combined prior-year operating revenue of domestic members must be at least RMB 1 billion, and the combined prior-year operating revenue of overseas members must be at least RMB 200 million equivalent.
  • FTZ discount. Where the host enterprise is registered within a Free Trade Zone, the balance-of-payments threshold is halved to RMB 350 million equivalent.
  • Member count. The group must have at least three member enterprises in total, counting both domestic and overseas entities combined.
  • Host enterprise requirement. One domestic member enterprise with independent legal-person status must be designated as the host enterprise.

Certain entities are excluded from participation: financial institutions, local-government financing vehicle companies, and real-estate enterprises may not join—except that a finance company acting as the host enterprise is permitted.

Filing Process

The filing is centered on the host enterprise and designed to be a single, coordinated procedure:

  1. Designate the host enterprise. Choose one domestic member with independent legal-person status, preferably located in a Free Trade Zone to benefit from the lowered threshold where applicable.
  2. Prepare the group structure and quotas. Assemble the list of member enterprises (domestic and overseas), confirm the eligibility thresholds are met, and decide the centralization ratio and the external-debt / overseas-lending quotas to be consolidated.
  3. Submit through the one window. The host enterprise files with the local SAFE branch at its location via the unified external window.
  4. Bank coordination. Selected change registrations may be handled by the cooperating bank, reducing the need to return to the administration for every adjustment.

Groups should coordinate early with both the local SAFE branch and their cooperating bank, because the determination of eligible members and the allocation of consolidated quotas are factual prerequisites for a smooth filing.

Practical Steps for FIEs

Foreign-invested groups considering the regime should take the following concrete actions:

  • Assess eligibility now. Pull the prior-year balance-of-payments data for all domestic members, or the combined revenue figures for domestic and overseas members, and compare against the RMB 700 million / RMB 1 billion + RMB 200 million equivalent thresholds. If the host sits in an FTZ, use the RMB 350 million equivalent benchmark.
  • Map the group. Confirm at least three member entities exist across borders and identify a suitable domestic legal-person entity to act as host.
  • Choose the centralization ratio deliberately. Because the ratio is now at the group’s discretion, align it with treasury policy, cash-flow timing, and regulatory comfort.
  • Plan the single account. Work with the cooperating bank to configure the integrated RMB/FX account and the net-settlement process for current-account items.
  • Mind the exclusions. If any member is a financial institution, an LGFV, or a real-estate enterprise, restructure participation so that only eligible entities are included, unless a finance company is the host.
  • Review legacy filings. The 2019 SAFE rule (Hui Fa [2019] No. 7) is repealed and Article 3 of Hui Fa [2017] No. 3 no longer applies; groups operating under the old framework should reconcile their arrangements to the new nationwide regime before 14 September 2026 where transition is required.

Related Reading

  • SAFE’s official policy interpretation accompanying the notice explains the background and intent of the nationwide extension.
  • The PBoC feedback on solicited opinions confirms the issuance of the notice and its place in the broader liberalization of cross-border capital management.
  • Groups should also track the 14 December 2025 nationwide promotion of the integrated RMB/FX cash pool as the immediate precursor to this notice.

跨国公司本外币跨境资金集中运营全国推广：外资集团须知

概述

2026 年 8 月 13 日，中国人民银行与国家外汇管理局联合发布《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163号）。该通知于 2026 年 8 月 14 日公布，自 2026 年 9 月 14 日起施行。其核心信息十分明确：允许跨国公司本外币跨境资金集中运营的试点政策，由原先选定的试点地区推广至全国。

对于在华外商投资企业和外资跨国公司地区总部而言，这一变化消除了关键的地域限制。此前，本外币一体化的资金池制度自 2021 年起主要在北京、广东等试点地区可用。随着全国推广，符合条件的集团无论位于中国何处，均可依据统一的规则申请设立本外币跨境资金集中运营架构。

政策背景

中国逐步开放跨境资本管理，以顺应跨国公司真实的业务需求。跨国公司的跨境资金池概念可追溯至较早的试点，而专门规范外币侧的制度——《跨国公司跨境资金集中运营管理规定》（汇发〔2019〕7号）——为此提供了框架。自 2021 年起，本外币一体化集中运营试点在北京、广东等地启动，允许参与集团在单一结构下管理人民币与外汇。

相关里程碑出现在 2025 年 12 月 14 日——本外币一体化资金池在全国范围内推广。2026 年通知延续这一脉络，在更新的监管基础上，将两种货币（涵盖外债、境外放款、经常项目收付及轧差结算）的一体化集中运营正式推广至全国，并同时废止了 2019 年的规定。

主要内容

通知明确了参与集团实质性的权利与义务：

  • 额度集中管理。 成员企业的外债额度与境外放款额度可在集团层面统筹，而非由各实体分别持有。
  • 归集比例自主决定。 主办企业可自主确定资金归集比例，不再受固定强制比例的约束。
  • 本外币同一账户管理。 人民币与外币资金可在同一账户结构下管理，推进两个资金池的一体化。
  • 经常项目集中与轧差净额结算。 成员企业可办理经常项目资金集中收付，并采用轧差净额结算，而非逐笔全额结算，从而减少跨境收支的笔数与体量。
  • 单一对外窗口。 备案由主办企业所在地外汇局分局以”一个窗口”办理，提升行政效率。

这些规定直接降低了集团内部跨境资金管理的成本与复杂度，并支持真实的贸易与投资资金流动。

准入条件

设立本外币跨境资金集中运营安排，跨国集团须满足以下门槛：

  • 国际收支门槛。 境内全部成员企业上年度本外币国际收支规模合计不得低于等值 7 亿元人民币。
  • 营收替代门槛。 境内成员上年度营业收入合计不低于 10 亿元人民币，且境外成员上年度营业收入合计不低于等值 2 亿元人民币。
  • 自贸区优惠。 主办企业注册在自由贸易试验区内的，国际收支门槛减半，为等值 3.5 亿元人民币。
  • 成员数量。 成员企业境内外合计不少于 3 家。
  • 主办企业要求。 须指定一家具独立法人资格的境内成员企业作为主办企业。

部分主体被排除在参与范围之外：金融机构、地方政府融资平台公司和房地产企业不得加入——但财务公司作为主办企业的除外。

备案流程

备案以主办企业为中心，设计为统一、协同的办理程序：

  1. 指定主办企业。 选择一家具独立法人资格的境内成员，在适用情况下优先设在自由贸易试验区，以享受降低后的门槛。
  2. 梳理集团结构与额度。 汇总成员企业名单（境内与境外），确认满足准入门槛，并决定归集比例及拟集中的外债／境外放款额度。
  3. 通过单一窗口提交。 主办企业向所在地外汇局分局经统一对外窗口办理备案。
  4. 银行协同。 选定的变更登记可交由合作银行办理，减少每次调整都需回到管理部门的情形。

集团应尽早与所在地外汇局分局及合作银行沟通，因为合格成员的确定与集中额度的分配是顺利备案的事实前提。

外资企业的实操步骤

考虑适用该制度的外资集团应采取以下具体行动：

  • 立即评估资格。 提取境内全部成员企业上年度的国际收支数据，或境内外成员的合计营收数据，对照 7 亿元／10 亿元＋等值 2 亿元门槛。若主办企业位于自贸区，则使用等值 3.5 亿元基准。
  • 梳理集团架构。 确认跨境成员不少于 3 家，并物色合适的境内独立法人实体担任主办企业。
  • 审慎选择归集比例。 因比例现由集团自主决定，应结合资金管理政策、现金流时点与监管接受度统筹确定。
  • 规划同一账户。 与合作银行协作，配置本外币一体化账户及经常项目轧差净额结算流程。
  • 注意排除情形。 若任一成员为金融机构、地方政府融资平台公司或房地产企业，应调整参与结构，仅纳入合格主体，除非由财务公司担任主办企业。
  • 复核既有备案。 2019 年汇发 7 号文已废止，汇发〔2017〕3 号文第三条不再适用；在原框架下运行的集团应在必要时于 2026 年 9 月 14 日前将安排衔接至新的全国制度。

延伸阅读

  • 外汇局随通知发布的官方政策解读，阐释了全国推广的背景与意图。
  • 人民银行关于征求意见情况的反馈，确认了该通知的发布及其在跨境资本管理更广义开放中的位置。
  • 集团还应关注 2025 年 12 月 14 日本外币一体化资金池全国推广，作为本通知的直接前序举措。

Sources

  • 中国人民银行、国家外汇管理局《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163号）全文：https://www.safe.gov.cn/safe/2026/0814/27781.html
  • 国家外汇管理局政策解读：https://www.safe.gov.cn/safe/2026/0814/27784.html
  • 中国人民银行征求意见反馈（提及《通知》）：https://www.pbc.gov.cn/tiaofasi/144941/144979/3941928/2026081416572159680/index.html
Capital & Cross-border / 资金跨境

Nationwide Rollout of RMB-FX Cross-Border Cash Pooling for Multinationals (2026)

  • China has extended its RMB-FX cross-border cash-pooling regime to the entire country, lowering the barrier for small and mid-sized multinational groups to centralise treasury operations.
    中国已将本外币跨境资金集中运营业务推广至全国，降低了中小型跨国集团统筹资金管理的门槛。
  • The scheme lets a group consolidate member firms’ external-debt and outbound-lending quotas into one account, with the parent free to set the concentration ratio and manage RMB and FX in a single pool.
    该机制允许集团将成员企业的外债与境外放款额度归集至同一账户，主办企业可自主决定归集比例，并以同一账户统筹本外币资金。
  • Foreign-invested enterprises registered in free-trade zones enjoy a halved access threshold, and a “single-window” foreign-exchange bureau branch handles filing, with some changes delegated to cooperative banks.
    注册在自贸试验区的外商投资企业享受减半的准入门槛，由所在地外汇局分局”一个窗口”办理备案，部分变更登记交由合作银行办理。
  • The regime expressly excludes financial institutions, local-government financing vehicles, and real-estate firms (except finance-company operators) from participation.
    该机制明确排除金融机构、地方政府融资平台与房地产企业（财务公司作为主办企业除外）参与。
  • Effective 14 September 2026, the measure repeals the 2019 pilot rules and signals continued opening of cross-border capital mobility for genuine operating groups.
    该措施自2026年9月14日起施行，废止2019年试点规则，标志着对真实运营集团跨境资金流动便利化的持续推进。
  • FIEs should map their in-scope entities, prepare the filing package, and align intercompany funding with the new concentration and reporting rules.
    外商投资企业应梳理适用实体、准备备案材料，并使关联交易融资与新的归集及数据报送要求保持一致。

Nationwide Rollout of RMB-FX Cross-Border Cash Pooling for Multinationals (2026) | 跨国公司本外币跨境资金集中运营全国推广（2026）

Why this matters now

On 14 August 2026, the People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (SAFE) jointly issued the *Notice on Matters Concerning the Cross-Border Centralised Operation of RMB and Foreign-Exchange Funds by Multinational Companies* (hereinafter the “Notice”). The Notice extends a pilot that had run since 2021 in selected regions to the whole country, and takes effect on 14 September 2026. For foreign-invested enterprises (FIEs) operating multi-entity groups in China, this is a material liberalisation: it lets a group concentrate and allocate onshore and offshore RMB and FX liquidity through a single structure, at a lower eligibility threshold than the integrated RMB-FX cash pool that was itself rolled out nationwide in December 2025.

The timing matters. As global groups reconfigure supply chains and treasury functions, China’s regulators are competing to keep multinational treasury operations onshore by offering genuine efficiency gains — fewer accounts, lower trapped cash, and simpler compliance — while still ring-fencing speculative and leveraged participants.

What changed: from pilot to nationwide

The cross-border centralised operation of RMB-FX funds (“the pooling business”) authorises a multinational to centrally manage its domestic and overseas RMB and FX funds, carrying out functions such as balance replenishment and shortfall adjustment, centralised receipts and payments of current-account items, and netting settlement. Prior to the Notice, the scheme was available only to companies in trial locations. The Notice makes it a national policy.

Crucially, the Notice repeals the earlier pilot document (Hui Fa [2019] No. 7). It should not be confused with the *integrated* RMB-FX cash pool promoted in late 2025, which targets large multinationals and carries a higher threshold. The 2026 scheme is deliberately the lower-threshold, broader-coverage option — “applicable to more small and mid-sized multinational companies,” in the regulators’ own words.

Eligibility and access thresholds

A multinational company, defined as an enterprise group linked by capital ties (parent, subsidiaries, and equity-participating companies at home and abroad), must designate one domestically incorporated independent legal person as the “host enterprise” (主办企业). The host is responsible for filing, implementation, data reporting, and feedback.

To qualify, an ordinary enterprise’s domestic members must meet one of these scale tests in the prior year:

  • cross-border payments and receipts of at least RMB 700 million equivalent; or
  • domestic operating revenue above RMB 1 billion; and
  • overseas operating revenue above RMB 200 million equivalent.

For host enterprises registered in a free-trade zone (FTZ), the threshold is halved — a direct, continuing dividend for FIEs whose China treasury hub sits inside an FTZ. Hard requirements also cover compliance records, trade classification, and minimum numbers of domestic and overseas members.

Three categories are expressly excluded from participation: financial institutions, local-government financing vehicles, and real-estate enterprises — with the single exception that a finance company may act as host enterprise.

How the pool works in practice

Once approved, the group may:

  • Consolidate external-debt and outbound-lending quotas of member enterprises into the pool, with the parent free to decide the concentration ratio.
  • Manage RMB and FX in a single account, enabling group-level allocation and member-level flexible use.
  • Prioritise RMB for cross-border business, in line with the regulator’s currency-internationalisation push.
  • Conduct centralised current-account receipts/payments and netting settlement, reducing transaction count and FX conversion cost.

Filing is simplified: the host enterprise’s local SAFE branch acts as a “single window” for the record-filing, while certain change registrations are delegated to the cooperative bank, lowering the “shoe-leather cost” of compliance. The Notice also sets out clear conduct rules and ex-post supervision to prevent cross-border capital-flow risks.

Operational steps for an FIE group

  1. Map the group. Identify the domestic independent legal person best placed to be host, and list in-scope domestic and overseas member entities and their capital ties.
  2. Test eligibility. Confirm the scale thresholds (or the halved FTZ threshold) and clean compliance/trade-classification standing.
  3. Prepare the filing package. Document the funding model, the concentration ratio, and the list of members; designate the host’s responsibilities for data reporting.
  4. File at the local SAFE branch. Use the single-window filing; route routine changes through the cooperative bank afterwards.
  5. Align intercompany funding. Restructure intra-group loans and current-account netting to sit inside the approved pool, ensuring transfer-pricing and thin-capitalisation documentation stays consistent.
  6. Operate and report. Maintain the data feed to SAFE, keep segregated records, and review annually against eligibility.

Risks and compliance notes

The liberalisation is conditional. SAFE retains ex-post supervision and reserves the right to require corrective action where cross-border flows look speculative or where a member breaches the participation rules. FIEs should keep intercompany pricing defensible (the pool does not exempt related-party funding from transfer-pricing scrutiny) and ensure the host enterprise’s data reporting is timely and accurate. Real-estate, financial, and platform-affiliated groups should confirm they are not caught by the exclusions before relying on the scheme.

Related reading

  • Pair this with our coverage of the multinational cash pool and cross-border payments for the broader treasury picture.
  • For inbound equity, see our market-entry and foreign-investment articles.

跨国公司本外币跨境资金集中运营全国推广（2026）/ Nationwide Rollout of RMB-FX Cross-Border Cash Pooling for Multinationals (2026)

为何当下重要

2026年8月14日，中国人民银行与国家外汇管理局联合发布《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（以下简称《通知》）。该《通知》将自2021年起在部分地区试点的本外币跨境资金集中运营业务推广至全国，并自2026年9月14日起施行。对于在中国运营多实体集团的外商投资企业而言，这是一项实质性开放：它允许集团通过单一结构统筹境内外本外币流动性，且准入门槛低于2025年12月已全国推广的本外币一体化资金池。

时点很关键。随着全球集团重构供应链与财资职能，中国监管机构正通过提供切实的效率红利——更少的账户、更低的沉淀资金、更简化的合规——来留住跨国财资运营，同时仍对投机性和高杠杆参与者设置防火墙。

从试点到全国的变化

本外币跨境资金集中运营业务（”资金池业务”）是指跨国公司集中运营管理境内外本外币资金，开展资金归集和余缺调剂、经常项目资金集中收付和轧差净额结算等业务。此前该机制仅对试点地区企业开放，《通知》使其成为全国性政策。

重要的是，《通知》废止了早期的试点文件（汇发〔2019〕7号）。它也不应与2025年底推广的”本外币一体化资金池”混淆——后者面向大型跨国公司，门槛更高。2026年这一机制是门槛更低、覆盖更广的选项，正如监管者所言，”可惠及更多中小规模跨国公司”。

准入条件与门槛

跨国公司是指以资本为纽带，由境内外母公司、子公司、参股公司等组成的企业联合体。集团须指定一家具有独立法人资格的境内成员企业作为”主办企业”，由其负责备案、实施、数据报送与情况反馈。

普通企业境内成员须满足上一年度以下规模条件之一：国际收支规模不低于7亿元等值人民币；或境内营业收入10亿元以上；且境外营业收入2亿元等值人民币。注册在自贸试验区的企业门槛减半——这是财资中心落在自贸区内的外商投资企业直接且持续的红利。此外还对合规记录、贸易分类及境内外成员数量提出硬性要求。

三类主体被明确排除：金融机构、地方政府融资平台公司、房地产企业——唯一例外是财务公司可作为主办企业。

资金池的实际运作

获批后，集团可以：

  • 集中成员企业外债和境外放款额度，由母公司自主决定归集比例。
  • 以同一账户管理本外币资金，实现集团层面统筹调配、成员企业层面灵活使用。
  • 优先使用本币开展跨境业务，契合监管推动人民币国际化的方向。
  • 开展经常项目集中收付与轧差净额结算，减少交易笔数与汇兑成本。

备案流程简化：主办企业所在地外汇局分局”一个窗口”办理备案登记，部分变更登记交由合作银行办理，降低企业”脚底成本”。《通知》亦明确业务办理规范与事中事后监管要求，以防范跨境资金流动风险。

外商投资企业的操作步骤

  1. 梳理集团结构。 确定最适合担任主办企业的境内独立法人，列明适用境内外成员及其资本关联。
  2. 测试准入资格。 确认规模门槛（或自贸区减半门槛）及合规、贸易分类等硬性条件。
  3. 准备备案材料。 说明融资模式、归集比例与成员清单，明确主办企业的数据报送职责。
  4. 向所在地外汇局分局备案。 通过”一个窗口”办理；后续日常变更经合作银行处理。
  5. 理顺关联交易融资。 将集团内贷款与经常项目轧差纳入已批准的资金池，确保转让定价与资本弱化文档保持一致。
  6. 运营与报送。 保持向外管局的数据报送，分账管理，并每年复核资格。

风险与合规提示

开放是有条件的。外汇局保留事中事后监管权，并在跨境资金流动显属投机或成员违反参与规则时要求整改。外商投资企业应保持关联交易定价的可抗辩性（资金池不豁免关联融资的转让定价审查），并确保主办企业数据报送及时准确。房地产、金融及平台关联集团在依赖该机制前应确认未被排除条款覆盖。

延伸阅读

  • 可结合本站关于跨国公司资金池与跨境支付的文章，了解更完整的财资图景。
  • 关于入境股权，请参阅我们的市场准入与外商投资相关文章。

Sources